Agilyx, ExxonMobil form plastic waste recycling joint venture
Agilyx Corporation has signed an agreement with ExxonMobil to become a founding member of a newly created joint venture, Cyclyx International LLC.
This collaboration will bring innovative solutions for aggregating and pre-processing large volumes of plastic waste to be used as raw material to manufacture petrochemical products, including naphtha and chemical intermediate pathways.
Cyclyx is targeting to develop systems to collect and sort 300,000 tons of plastic waste per year by 2025, with an ambition of reaching 3 million tons of international processing capacity per year by 2030.
ExxonMobil will invest USD8 million into Cyclyx for consideration of a 25% equity interest, and will receive certain commercial preferences through the Cyclyx model including, prioritized access to plastic waste for its potential advanced recycling projects, access to Agilyx’s Artificial Intelligence (AI) technology platform, and agreement to work together to develop enhanced technologies and techniques.
To that end, Cyclyx and ExxonMobil have entered into a global feedstock agreement whereby Cyclyx will work with ExxonMobil to source and/or enable the sourcing of plastic waste that meets their product specifications. Agilyx will benefit from a royalty on all feedstock flowing through Cyclyx.
One of Cyclyx’s goals is to invite other companies to join as members, connecting waste producers with advanced and mechanical recyclers through innovative supply chains.
Future members could include retailers, brand owners, waste management companies, petrochemical companies, municipalities, and others looking for solutions to address plastic waste in the environment.
Cyclyx International LLC. is a post-use plastic feedstock management company working with industry partners to develop recycling solutions for all types of post-use plastics.
The company’s mission is to significantly 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, a leader in advanced chemical recycling, and joined by ExxonMobil Chemical Company, one of the largest chemical companies in the world, to address the complexities of recycling post-use plastics.
Agilyx AS (AGLX), is a pioneer in the advanced recycling of difficult-to-recycle post-use plastic streams. Agilyx AS is listed on Euronext Growth in Oslo, Norway. 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. For more information, visit www.agilyx.com.