Agilyx and ExxonMobil Establish Cyclyx Joint Venture to Supply Plastics Recycling Industry
- Cyclyx will help scale up supply of qualified plastic waste for the recycling industry
- Aims to provide needed supply chain transformation to enable advanced recycling on a large scale
TIGARD, Oregon, Feb 25, 2021 ─ Agilyx Corporation (AGLX), a wholly owned subsidiary of Agilyx AS (Euronext Growth (Oslo): “AGLX”) and a leader in advanced recycling technology, established Cyclyx International LLC., on January 1, 2021. ExxonMobil joined Agilyx to become a founding member of the joint venture which is focused on helping increase plastic waste recycling.
Cyclyx will aggregate and pre-process plastic waste to meet the technical requirements of a wide range of recycling processes while ensuring reliable supply of feedstock to its customers. Cyclyx aims to transform the current supply chain and help accelerate the growth of the advanced recycling industry by connecting companies looking for plastic waste solutions with customers engaged in recycling initiatives.
The joint venture combines Agilyx’s expertise in plastic waste conversion with ExxonMobil’s technology expertise and large-scale petro-chemical manufacturing network. As part of the agreement, Cyclyx will help supply plastic waste feedstocks for ExxonMobil’s advanced recycling projects. Advanced recycling involves breaking down plastic waste to its molecular building blocks which are then used in the process of making virgin-quality plastic and other valuable products.
“This is a significant milestone for Agilyx and Cyclyx, as it marks the beginning of an entirely new approach to plastic waste recovery,” said Tim Stedman, chief executive officer at Agilyx. “Our mission at Agilyx is clear – to help solve the issue of plastic waste.”
“This joint venture represents an entirely new proposition about the way we handle plastic waste,” said Joe Vaillancourt, newly appointed chief executive officer of Cyclyx. “The Cyclyx business model brings tangible solutions, turning plastic waste into valuable new products. Leveraging Agilyx’s expertise in plastics recycling and the scale of partners like ExxonMobil, we aim to create a lasting and impactful change.”
“We see Cyclyx as helping to fill an important missing link in the plastics recycling value chain that is needed for advanced recycling solutions to scale,” said Karen McKee, President of ExxonMobil Chemical Company. “We share society’s concern about plastic waste, and our new joint venture is an important step in our efforts to develop advanced recycling technologies and approaches to help meet demand for certified circular polymers.”
ExxonMobil holds a 25 percent equity interest in Cyclyx with Agilyx owning the remaining 75 percent. In addition to supplying plastic waste to Agilyx’s customers and ExxonMobil, Cyclyx also aims to supply other customers with feedstock solutions for a wide range of recycling initiatives.
Cyclyx invites other companies to join as members, connecting waste producers with advanced and mechanical recyclers through innovative supply chains. Members could include retailers, brand owners, waste management companies, petrochemical companies, municipalities and others looking for solutions to address plastic waste in the environment.
Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, operational results, scaling and expanding current recycling and research, the impacts of new technologies, and the creation of new sources of supply for industrial processes, could vary depending on the outcome of further research and testing; the development and competitiveness of alternative technologies; the ability to scale current projects on a cost-effective basis; political and regulatory developments; and other factors discussed in this release.
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About Cyclyx International, LLC.
Cyclyx International, LLC. (“Cyclyx”) is a post-use plastic feedstock management company working with industry participants to develop recycling solutions for all types of post-use plastics. The company’s mission is to increase the recyclability of plastics by using Cyclyx’s expertise in understanding the chemical composition of waste plastic in collaboration with industry partners to create a new, innovative supply chain. Cyclyx was founded by Agilyx Corporation ("Agilyx"), a leader in advanced chemical recycling, and joined by ExxonMobil Chemical Company, one of the largest chemical companies in the world, to help address the complexities of recycling post-use plastics. For more information, visit us at www.cyclyx.com.
Agilyx (AGLX), is a pioneer in the advanced recycling of difficult-to-recycle post-use plastic streams. With Agilyx's chemical recycling technology and intelligent feedstock management system, mixed plastic waste can be converted to new virgin-equivalent plastics, as well as chemical products and fuels – creating the opportunity for true circularity. The company has not only developed these first-to-market products but has also developed a feedstock management company Cyclyx International, Inc. and is working with many waste service providers, municipalities, petrochemical, and brand and retail companies to develop closed-loop advance recycling solutions for mixed waste plastics. Contact us to have your plastic waste streams recycled at firstname.lastname@example.org. For more information, follow us on social media and visit us at www.agilyx.com.