Agilyx Corp. (Tigard, Ore.), a wholly owned subsidiary of Agilyx AS,and a leader in advanced recycling technology, established the joint venture (JV) 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. ExxonMobil recently announced that it is testing advanced recycling technologies at its Baytown faciltiies.
“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.
Toyo Engineering Corp. (Tokyo) and SCG Chemicals Co. (Bangkok, Thailand) entered into a memorandum of understanding (MOU) are jointly collaborating…
LG Chem Ltd. (Seoul, South Korea) says that it will construct South Korea’s first and its own hydrothermal plastics recycle…
French President Emmanuel Macron and Eastman Chemical Co. (Kingsport, Tenn.) Board Chair and CEO Mark Costa will jointly announce Eastman's…
Borealis Group AG (Vienna, Austria) and the Reclay Group, international experts in environmental and material recovery management, have joined forces…
Neste Corp. (Espoo, Finland) has successfully concluded its first series of trial runs processing liquefied waste plastic at its Porvoo…
Gain a Digital Line of Sight Across the Whole Lifecycle of the Plant with a Digital Twin
Granulating High Viscous Melts in the Food Industry
How to Select a Pump for Industrial Applications
Temperature Instruments Improve Operations