ExxonMobil partners with Agilyx in plastic recycling joint venture
The JV joint combines Agilyx’s expertise in plastic waste conversion with ExxonMobil’s technology expertise and large-scale petro-chemical manufacturing network.
ExxonMobil Chemical Co. is partnering with chemical recycling firm Agilyx Corp. in the Cyclyx joint venture designed to help increase plastic waste recycling.
ExxonMobil has acquired a 25 per cent equity interest in Cyclyx, with Agilyx owning the remaining 75 per cent. The financial terms of ExxonMobil’s investment have not been disclosed.
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 facilities in Baytown, Tex.
Tigard, Ore.-based Agilyx formed Cyclyx in January 2021.
“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 ExxonMobil president Karen McKee. “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