Why PureCycle Technologies Stock Blasted 12% Higher Today
Key Points
It has earned the right to sell a key good in one of the largest markets in the world.
This offers the chance for the plastics recycling specialist to advance its proprietary technology in addition to clocking higher sales.
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PureCycle Technologies (NASDAQ: PCT), a niche company in the plastics recycling segment, looked like quite the titan in investors' eyes Tuesday. It earned the right to sell one of its products in a huge market, and as a result, people flocked to its stock. PureCycle closed the day over 12% higher in price, a performance more than sufficient to obliterate the S&P 500 index's 0.3% rise.
Plastic people
Tuesday morning, PureCycle announced that it obtained the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) certificate of compliance allowing it to sell its PureFive resin throughout the 27-country European Union (EU).
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PureCycle specializes in processing plastic waste, and revenue-earner PureFive is a result of this process. According to the company, it is an effective alternative for "virgin" plastic.
PureCycle quoted its vice president of European and Asia Pacific operations Wiebe Schipper as saying that "We're seeing demand for PureFive resin in Europe and this certification will allow us to put future orders of our high-quality recycled polypropylene into the hands of these potential customers."
Local production
Selling PureFive across the Atlantic Ocean should become easier in the future. PureCycle said it aims to construct its first factory in Europe in a project that it should be able to complete by the middle of 2028. This facility is to be located in the port city of Antwerp, Belgium.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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