PORTSMOUTH, NH / ACCESSWIRE / October 26, 2023 / Cyclyx International, a joint venture between Agilyx and ExxonMobil, announces LyondellBasell has acquired 25% equity ownership of the joint venture (JV). LyondellBasell joining Cyclyx, which was formed in December 2020, further accelerates innovation and development of the necessary infrastructure for a nationwide circular economy for plastics.
"Investing in plastic waste value chain experts such as Cyclyx, together with Agilyx and ExxonMobil, helps create the robust supply chains we all need to increase access to circular and renewable feedstocks," says Yvonne van der Laan, LyondellBasell executive vice president, Circular and Low Carbon Solutions. "This collaboration unlocks the necessary scale of recycled material and infrastructure for our planned integrated Circular and Low Carbon Solutions Hub in the Houston area and aligns with our purpose of creating solutions for everyday sustainable living."
"We are excited by and welcome the inclusion of LyondellBasell in the ownership of Cyclyx," says Joseph Vaillancourt, CEO of Cyclyx. "Headquartered in Houston, LyondellBasell is a respected global leader that shares our vision of a more sustainable future. We are uniquely positioned to enable their sustainability goals for plastic circularity."
Additional Cyclyx Expansions
In conjunction with this announcement, Cyclyx is expanding its business model from a strict licensing model to now include a build, own, and operate option for Cyclyx Circularity Centers (CCCs). This business model expansion will enable Cyclyx to control the custody and quality of custom-blended feedstocks from sourcing through delivery. Cyclyx also believes this expanded business model will accelerate the collection of post-use plastics to increase recycling in more communities and businesses nationwide.
Cyclyx will also utilize the Cyclyx Circularity Labs to further expand its chemical characterization database and leadership position in understanding how to best manage contamination in, and utilization of, post-use plastics, accelerating progress of the 10to90 mission. This innovative technology approach identifies plastic type, added ingredients such as metal linings or coloring, ideal manufacturing methods, and contamination to meet the unique specifications of customers, while ensuring the quality of the feedstock and integrity of ISCC PLUS certifications.
Cyclyx's expanded model helps further its goals of enhancing its national footprint, accelerating the scale of its feedstock services, and investing in future growth in support of the broader industry.
About Cyclyx International, LLC.
Cyclyx International, LLC. ("Cyclyx") is a post-use plastic innovation company working with industry participants to develop innovative recycling solutions for all types of post-use plastics. The company's 10to90® mission brand is focused on increasing the recyclability of plastics from 10% to 90%. Cyclyx's expertise in the chemical composition of post-use plastic, in collaboration with industry partners, creates a new, innovative supply chain. Cyclyx has been formed to be a consortium-based entity and since its founding, there have been a growing number of companies joining its membership. For more information, visit us at Cyclyx.com.
About LyondellBasell
We are LyondellBasell - a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors, and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
Forward-Looking Statements for LyondellBasell:
The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, the successful construction and operation of the proposed facilities described in this release; and our ability to meet our sustainability goals, including the ability to increase production of recycled and renewable-based polymers to meet our targets and forecasts. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2022, which can be found at www.lyondellbasell.com on the Investor page and on the Securities and Exchange Commission's website at www.sec.gov.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society's evolving needs. The corporation's primary businesses-Upstream, Product Solutions, and Low Carbon Solutions- provide products that enable modern life, including energy, chemicals, lubricants, and lower- emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. To learn more, visit ExxonMobil.com and the Energy Factor. Follow them on Twitter and LinkedIn.
About Agilyx
Agilyx ASA is a technology company that enables customers to recycle difficult-to-recycle post- use plastics to high value, virgin-equivalent products. With a focus on diversion and conversion of plastic waste, Agilyx is uniquely positioned with a molecular recycling technology offering and an integrated feedstock solution by way of Cyclyx, a consortium-based, post-use plastic innovation company with a mission to increase the recyclability of plastic from 10% to 90%. Agilyx was the first to establish a commercial scale waste polystyrene chemical recycling facility via pyrolysis enabling closed loop polystyrene plastic-to-plastic and holds 20 patents. Agilyx conversion technology utilizes pyrolysis without a catalyst and can convert mixed waste plastic to naphtha and fuels or depolymerize specific plastics such as polystyrene and PMMA (acrylic) back into virgin-quality products. Learn more at Agilyx.com or follow them on LinkedIn.
Media Contacts
Melissa Emmott
VP, Marketing and Programs
memmott@cyclyx.com
Nick Facchin
Manager, Executive Communications and Media Relations Nick.Facchin@lyondellbasell.com
+1 723 309 7575
ExxonMobil Media Relations
737-272-1452
Media.Relations@exxonmobil.com
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SOURCE: LyondellBasell
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