Mentioned:
PCT -10.32% WULF -8.40%
Wall Street legend Stanley Druckenmiller is making a bet on something new: recycling plastic waste.
What’s happening:
- PureCycle Technologies (NASDAQ: PCT) has entered into a binding deal to raise $300M USD in a new equity financing round with multiple investors
- The new funding round is being led by legendary Wall Street hedge fund manager and billionaire Stanley Druckenmiller’s Duquesne Family Office, Samlyn Capital, Pleiad Investment Advisors and Sylebra Capital Management
Why it matters:
- PureCycle Technologies is one of the most advanced publicly traded companies in North America focused on the recycling and purification of polypropylene plastic waste and is quickly moving towards having one billion pounds of total recycling capacity throughout the United States, Asia and Europe
Going deeper:
- PureCycle Technologies also just recently struck a notable new deal with Southeast Asia petrochemical company IRPC Public Company Limited to build a new facility for recycling polypropylene plastic located in Thailand that will have a total capacity of recycling 130M pounds of plastic annually
The intrigue:
- This is not the first time Stanley Druckenmiller has taken a large equity stake in a early stage public company, with Duquesne Family Office previously purchasing millions of shares of Bitcoin mining and high performance computing company TeraWulf (NASDAQ: WULF)
