ExxonMobil has joined advanced recycling company Agilyx Corp. as a founding member of Cyclyx International LLC, a joint venture focused on increasing plastic waste recycling.
Cyclyx will aggregate and pre-process plastic waste to meet the technical requirements of a 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, said the announcement.
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 feedstock for ExxonMobil’s advanced recycling projects. Advanced recycling involves breaking down plastic waste to its molecular building blocks, which are then used to make virgin-quality plastic and other valuable products, explained Agilyx.
“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.”
Joe Vaillancourt, newly appointed CEO at Cyclyx, commented: “This joint venture represents an entirely new proposition about the way we handle plastic waste. 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.”
ExxonMobil holds a 25% equity interest in Cyclyx with Agilyx owning the remaining 75%. In addition to supplying plastic waste to Agilyx’s customers and ExxonMobil, Cyclyx also aims to supply other customers with feedstock solutions for a range of recycling initiatives.
“Karen McKee, President of ExxonMobil Chemical Co., stated, “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. 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.”