Oil and gas giant ExxonMobil will invest $8 million in a scrap plastics feedstock business launched by Agilyx, a chemical recycling company.
Agilyx uses its technologies to break down scrap plastics into chemical products for use in fuels and new plastics. But sourcing suitable feedstocks remains a significant challenge for both the chemical and mechanical recycling industries. Agilyx created the Cyclyx subsidiary to focus on sourcing feedstock.
According to ICIS, a chemical industry publication, Agilyx and ExxonMobil signed a deal in which ExxonMobil agreed to invest $8 million in Cyclyx International, giving the global oil producer a 25% stake in the new company. In exchange, ExxonMobil will receive priority access to recovered plastics for its own recycling efforts. Agilyx will receive a royalty for all feedstock flowing through Cyclyx, ICIS reported.
It’s just one of several recent announcements from Tigard, Ore.-based Agilyx.
Agilyx is also working with Braskem, the largest polyolefins producer in the Western Hemisphere, to explore development of a chemical recycling facility project in North America.
Meanwhile, the company signed a memorandum of understanding with energy company A.Eon Holdings to evaluate construction of a plastics-to-fuels facility in Melbourne, Australia.
In addition, Agilyx appointed Beatriz Malo de Molina to serve as chief financial officer (CFO) and hired Mark Barranco for senior vice president of engineering and execution. Existing CFO Russell Main will transition to CFO of Cyclyx International.
Finally, the company joined the industry association Chemical Recycling Europe.
More stories about processors
- Reclaimer finishes food-grade PCR expansion
- PetStar expanding recycling plant in Mexico
- Plastic Recycling Inc. merges with St. Joseph Plastics