ORLANDO, Fla., Aug. 9, 2022 /PRNewswire/ -- Innventure, LLC. founds, funds, operates, and rapidly scales companies in strategic collaboration with Multinational Corporations. A key to the success of Innventure's business model is hiring serial entrepreneurs that can lead the company through the early and mid-stage growth phases. Additionally, partnering with multinational companies as both the technology source and prospective market delivery partner greatly reduces the commercialization risk. At the right time in a new company's evolution, serial entrepreneurs return to Innventure, bringing back their operational experience for deployment to future new companies.
PureCycle Technologies, Inc. (NASDAQ:PCT), a company founded by Innventure in 2015 based on polypropylene recycling technology, is now maturing into a global manufacturing and technology company, allowing serial entrepreneur and Innventure co-founder Mike Otworth, to return to Innventure as Executive Chairman in early August 2022, validating a key component of Innventure's business model. Mike spent the last seven years as Chairman of the Board of Directors and CEO of PCT. Along with his two Innventure and PCT co-founders, John Scott and Rick Brenner, Mike and the early PCT team took the company from early-stage concept to the operational pilot plant. In 2019, PCT initiated significant fundraising efforts, including closing the municipal bond in 2020, to support commercial scale operations and growth of the PCT staff, including hiring Dustin Olsen as Chief Manufacturing Officer. Mike and team took PCT public in March of 2021. PCT is now poised as a publicly traded company to scale its proprietary polypropylene recycling footprint in the US and in other key global markets.
"We are very pleased to have Mike back at Innventure. Mike brings tremendous depth of experience running the Innventure model and has a long history of creating winning strategic partnerships that drive business growth. As our new Executive Chairman, Mike will focus on expanding our global footprint and selectively building more partnerships with multinational companies", commented Bill Haskell, Innventure's CEO.
"PCT's technical readiness and excellent progress toward commercial operation in Ironton has been confirmed by a global engineering firm familiar with the project. Our progress makes us a leader in the polymer recycling space and reinforces that it's the right time for me to return to Innventure", said Mike Otworth.
With Mike's return to Innventure, Dustin Olson is being promoted to CEO of PureCycle. Dustin noted that "the Innventure model leveraged a great technology, to address a market deficiency, with the speed of hungry entrepreneurship to create this amazing company that I now have the honor to lead. On a personal note, I am grateful for Mike's lasting dedication to this mission, tenacity to keep moving forward, and for his belief in me. Joining PCT has been a wonderful decision for my family and me, and all of us at PureCycle are excited about the journey."
With PCT public 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 successful new company creation and the geographic footprint of its model.
Innventure is in the business of originating, funding, and commercializing truly disruptive technologies targeting 1B+ potential market value and has launched three companies since inception, PureCycle Technologies, Inc. ("PCT" on Nasdaq) https://purecycle.com, AeroFlexx https://aeroflexx.com, and Accelsius https://accelsius.com.
Visit https://innventure.com to learn more.
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SOURCE Innventure