Lightbridge (LTBR) 12th Annual Waste & Environmental Services Symposium summary

Industry landscape and technology

• Polypropylene is the most widely used plastic globally, but its diverse applications make recycling challenging due to feedstock variability.

• Dissolution technology, exclusively licensed from Procter & Gamble, enables selective recycling of polypropylene into high-purity resin.

• The process produces recycled pellets nearly identical to virgin material, offering a premium product for brands.

• Regulatory trends favor physical recycling methods over chemical recycling, supporting market positioning.

• Third-party credits (ISCC PLUS) for recycled content trade at a premium, enhancing margins.

Operations and product development

• The Ironton facility in Ohio, with a 107 million pound annual capacity, is in commercial production and ramping output.

• Vertical integration into sorting (Denver, PA) and compounding enables flexibility in feedstock and tailored product grades.

• The process achieves over 99% polypropylene purity, with co-products sold into industrial markets.

• Compounding capabilities allow for custom melt flows, meeting diverse customer needs and improving pricing power.

• Certifications from GreenCircle and APR validate post-consumer content and product quality.

Financials, growth, and expansion plans

• Revenue has ramped over recent quarters, with expectations for material growth through 2026 as Ironton sells out capacity.

• $300 million was raised in June to fund expansion, with new projects in Thailand (online end of 2027) and Antwerp (2028).

• Gen 2 design aims for 500 million pound capacity, significantly reducing fixed costs and improving capital efficiency.

• Thailand and Antwerp sites offer better CapEx efficiency compared to greenfield U.S. sites.

• Regulatory tailwinds in California, Europe, and Japan are expected to drive demand for recycled polypropylene.