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Agilyx and ExxonMobil Form Cyclyx Plastics Recycling Joint Venture

 Last Update: 2022-08-26
 Source: Internet
 Author: User

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A few days ago , chemical recycling company Agilyx said it has formed a joint venture with Exxon Mobil to recycle and sort waste plastics

a few days ago

The joint venture, Cyclyx International, will develop methods to collect and process waste plastics in preparation for recycling

Under the agreement signed by the two companies, ExxonMobil will invest $8 million for a 25 percent stake in Cyclyx, Agilyx said

In return, ExxonMobil will receive priority access to plastic waste for recycling programs it is developing

Agilyx said it would benefit from royalties on all feedstocks flowing through Cyclyx

Agilyx earlier created Cyclyx to connect waste companies with chemical and mechanical recyclers

Cyclyx hopes to attract other companies, including retailers, brand owners, waste management companies, petrochemical producers and municipalities

By 2025, Cyclyx plans to develop a system capable of collecting and sorting 300,000 tons per year, Agilyx said, but the company did not specify whether the figure was short tons or metric tons

According to reports, by 2030, Cyclyx hopes to process 3 million tons of waste plastics globally every year
.

"This agreement will facilitate the development of new solutions for collecting and preprocessing large volumes of plastic waste for use as a raw material in the recycling process," ExxonMobil said
.

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