Agilyx Announces Final Investment Decision For Second Cyclyx Circularity Center
Date
11/27/2024 8:01:36 AM
(MENAFN- PR Newswire)
OSLO, Norway, Nov. 27, 2024 /PRNewswire/ -- Agilyx ASA (OSE: AGLX) (OTCQX: AGXXF ) ("Agilyx" or
"the company"), announced today that Cyclyx International, LLC. ("Cyclyx"), a post-use plastic-to-feedstock innovator and joint venture among Agilyx, ExxonMobil, and LyondellBasell, has reached a final investment decision for a second Cyclyx Circularity Center (CCC2). Located in the Dallas/Fort Worth, Texas area, the new facility will help to create further necessary infrastructure for a plastic circular economy.
Together, Agilyx, ExxonMobil and LyondellBasell are investing $135 million into Cyclyx to fund the construction and operations for CCC2, which has an expected startup in the second half of 2026. Once operational, the facility will have the capacity to produce approximately 300 million pounds of plastic waste feedstock per year for customers using mechanical and advanced recycling technologies.
Agilyx's $67.5 million investment reflects its 50% interest in Cyclyx and is fully funded through recent equity and green bond financing transactions.
"We are thrilled to achieve this important milestone in expanding the CCC network. Combined, CCC1 and CCC2 will have the capacity to produce an estimated 600 million pounds of plastic feedstock annually.
This investment helps redirect plastic waste away from landfills, integrating it into a circular economy as valuable feedstock for all plastic recyclers", said Ranjeet Bhatia, Agilyx CEO.
Cyclyx Circularity Centers are uniquely designed to accept a wide range of plastic waste streams,
including materials that are not typically accepted in current industry recycling programs. Combined, CCC1 and CCC2 will have the capacity to produce an estimated 600 million pounds of plastic waste feedstock annually-another step forward to building a more circular economy for plastics.
As part of its strategy, Cyclyx continues to explore the development of additional CCCs, each placed in major hubs across the United States.
Further updates on the CCC2 project and additional center developments will be provided as progress continues.
Contact:
Investor Relations Contact:
[email protected]
Phone: +1 (503) 213 1860
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