Agilyx and ExxonMobil establish joint venture to enable large-scale recycling of plastics
Agilyx established Cyclyx International, 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."
"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. "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."
3120 Buffalo Speedway
13240 SW Wall Street