Subjects: TNM, JVN
LyondellBasell acquires 25% of Cyclyx joint venture, joining Agilyx and ExxonMobil to accelerate plastic waste recycling
PORTSMOUTH, N.H., Oct. 26, 2023 /PRNewswire/ -- 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.
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SOURCE Cyclyx International
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