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TIGARD, Ore., 25 February 2021 / PRNewswire / – Agilyx Corporation (AGLX), a 100% subsidiary of Agilyx AS (Euronext Growth (Oslo): “AGLX”) and a leader in advanced recycling technology, has established Cyclyx International LLC., On January 1, 2021. ExxonMobil joined Agilyx to become a founding member of the joint venture that focuses on increasing recycling of plastic waste.
Cyclyx will aggregate and pre-treat plastic waste to meet the technical requirements of a wide range of recycling processes while ensuring a reliable supply of raw material to its customers. Cyclyx aims to transform the current supply chain and help accelerate the growth of the advanced recycling industry by connecting companies seeking plastic waste solutions with customers engaged in recycling initiatives.
The joint venture combines Agilyx’s expertise in plastic waste conversion with the technological expertise of ExxonMobil and its large-scale petrochemical manufacturing network. As part of this agreement, Cyclyx will help provide plastic waste raw materials for ExxonMobil’s advanced recycling projects. Advanced recycling involves breaking down plastic waste into molecular building blocks which are then used in the process of manufacturing virgin quality plastic and other valuable products.
“This is an important milestone for Agilyx and Cyclyx, as it marks the start of a whole new approach to the recovery of plastic waste,” said Tim stedman, CEO of Agilyx. “Our mission at Agilyx is clear: to help solve the problem of plastic waste.”
“This joint venture represents an entirely new proposition on how we deal with plastic waste,” said Joe vaillancourt, newly appointed CEO of Cyclyx. “Cyclyx’s business model provides tangible solutions, turning plastic waste into valuable new products. By leveraging Agilyx’s expertise in plastics recycling and the scale of partners like ExxonMobil, we aim to create lasting and impactful change.
“We believe that Cyclyx is helping to fill an important missing link in the plastics recycling value chain that is necessary for advanced recycling solutions to evolve,” said Karen McKee, Chairman of ExxonMobil Chemical Company. “We share the company’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 the demand for certified circular polymers.
ExxonMobil owns a 25% stake in Cyclyx, Agilyx owns the remaining 75%. In addition to providing plastic waste to Agilyx and ExxonMobil customers, Cyclyx also aims to provide other customers with raw material 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 tackle plastic waste in the environment.
Caution
Statements of future events or conditions in this press release are forward-looking statements. Actual future results, including project plans, operational results, scaling and expansion of current recycling and research, impacts of new technologies and creation of new sources of supply for industrial processes, may vary depending on the results of additional research and testing; the development and competitiveness of alternative technologies; the ability to scale current projects cost-effectively; policy and regulatory developments; and other factors discussed in this release.
CONTACT:
Contacts:
Agilyx
Kate ringier
Vice-President, Communications and Government Affairs
+41 78 822 7770
[email protected]
This information was provided to you by Cision http://news.cision.com
https://news.cision.com/cyclyx-international/r/agilyx-and-exxonmobil-establish-cyclyx-joint-venture-to-supply-plastics-recycling-industry,c3295494
SOURCE Cyclyx International
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