ORLANDO, Florida., August 9, 2022 /PRNewswire/ — Innventure, LLC. founds, finances, operates and rapidly grows businesses in strategic collaboration with multinational corporations. One of the keys to the success of Innventure’s business model is hiring serial entrepreneurs who can lead the business through the early and mid-growth phases. Additionally, partnering with multinational corporations as a technology source and potential market delivery partner significantly reduces the risk of commercialization. At the right time in the evolution of a new business, serial entrepreneurs return to Innventure, bringing back their operational experience for deployment in future new businesses.
PureCycle Technologies, Inc. (NASDAQ: PCT), a company founded by Innventure in 2015 based on polypropylene recycling technology, is growing into a global manufacturing and technology company, enabling the serial entrepreneur and co -founder of Innventure mike oworthto return to Innventure as Executive Chairman at the start August 2022, validating a key element of Innventure’s business model. Mike has spent the past seven years as Chairman and CEO of PCT. With its two co-founders of Innventure and PCT, John Scott and Rick Brenner, Mike and the first PCT team took the company from initial concept to operational pilot plant. In 2019, PCT launched major fundraising efforts, including the 2020 municipal bond shutdown, to support PCT’s commercial-scale operations and staff growth, including hiring Dustin Olsen as production manager. Mike and his team took PCT public in March 2021. PCT is now poised, as a publicly traded company, to expand its proprietary polypropylene recycling footprint into the United States and other key global markets. .
“We are very pleased to have Mike back at Innventure. Mike brings considerable experience in managing the Innventure model and has a long history of creating winning strategic partnerships that drive business growth. executive, Mike will be focused on expanding our footprint and selectively partnering with more multinational companies,” commented Bill HaskelCEO of Innventure.
“PCT’s technical readiness and excellent progress towards commercial operation at Ironton has been confirmed by a global engineering company familiar with the project. Our progress establishes us as a leader in the field of polymer recycling and reinforces the fact it’s the right time for me to come back to Innventure,” said mike oworth.
With Mike’s return to Innventure, Dustin Olson is promoted to CEO of PureCycle. Dustin noted that “the Innventure model relied on great technology to fill a gap in the market, with the speed of a hungry entrepreneurial spirit to create this incredible company that I now have the honor of leading. On a personal note, I am grateful for Mike’s enduring dedication to this mission, his tenacity to keep moving forward, and his faith in me. Joining PCT has been a wonderful decision for me and my family, and all of us at PureCycle. We are delighted with this trip.
With public PCT and two other portfolio companies, AeroFlexx (www.aeroflexx.com) and Accelsius (www.accelsius.com) progressing well, Innventure is well positioned to accelerate both the rate of new company formation and the geographical footprint of its models.
Innventure is dedicated to creating, funding and commercializing truly disruptive technologies targeting a potential market value of $1B+ and has launched three companies since its inception, PureCycle Technologies, Inc. (“PCT” at Nasdaq) https:/ /purecycle.com, AeroFlexx https://aeroflexx.com and Accelsius https://accelsius.com.
Visit https://innventure.com to learn more.