ExxonMobil has joined Agilyx as a founding member of a new joint venture focused on increasing plastic waste recycling using advanced methods that break down plastic waste to its molecular building blocks to create valuable new products.
Agilyx, a leader in advanced recycling technology, established Cyclyx International on Jan. 1 to accelerate growth in the advanced recycling industry. ExxonMobil holds a 25% equity interest in Cyclyx with Agilyx owning the remaining 75%.
Cyclyx will aggregate and pre-process plastic waste to meet the technical requirements of a wide range of recycling processes. The company aims to transform the current supply chain by connecting businesses that need plastic waste solutions with recycling initiatives.
The joint venture combines Agilyx’s expertise in plastic waste conversion with ExxonMobil’s technology expertise and large-scale petrochemical manufacturing network. As part of the agreement, Cyclyx will help supply plastic waste feedstocks for ExxonMobil’s advanced recycling projects.
“This joint venture represents an entirely new proposition about the way we handle plastic waste,” said Joe Vaillancourt, newly appointed CEO of Cyclyx, in a press statement on Feb. 25.
“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,” Vaillancourt said,
Karen McKee, president of ExxonMobil Chemical Company, said Cyclyx would become an important link in the plastics recycling value chain that is needed for advanced recycling solutions to scale.
“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,” McKee said.
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.
“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, CEO at Agilyx. “Our mission at Agilyx is clear – to help solve the issue of plastic waste.”
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 that address plastic waste.