Agilyx (AGLX) - Agilyx forms Cyclyx Joint Venture with ExxonMobil for Plastic Waste Recycling

 

Oslo, Norway, December 11, 2020 - Agilyx Corporation, a wholly owned subsidiary
of Agilyx AS (Euronext Growth (Oslo): "AGLX"), a leader in advanced recycling,
has signed an agreement with ExxonMobil to become a founding member of a newly
created joint venture, Cyclyx International, LLC.  This collaboration will bring
innovative solutions for aggregating and pre-processing large volumes of plastic
waste to be used as raw material to manufacture petrochemical products,
including naphtha and chemical intermediate pathways.

Cyclyx is targeting to develop systems to collect and sort 300,000 tons of
plastic waste per year by 2025, with an ambition of reaching 3 million tons of
international processing capacity per year by 2030. 

Key terms of the joint venture
ExxonMobil will invest USD 8 million into Cyclyx for consideration of a 25%
equity interest, and will receive certain commercial preferences through the
Cyclyx model including, prioritized access to plastic waste for its potential
advanced recycling projects, access to Agilyx's Artificial Intelligence (AI)
technology platform, and agreement to work together to develop enhanced
technologies and techniques. To that end, Cyclyx and ExxonMobil have entered
into a global feedstock agreement whereby Cyclyx will work with ExxonMobil to
source and/or enable the sourcing of plastic waste that meets their product
specifications. Agilyx will benefit from a royalty on all feedstock flowing
through Cyclyx. 
 
One of Cyclyx's goals is to invite other companies to join as members,
connecting waste producers with advanced and mechanical recyclers through
innovative supply chains. Future members could include retailers, brand owners,
waste management companies, petrochemical companies, municipalities, and others
looking for solutions to address plastic waste in the environment.



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About Cyclyx International, LLC.
Cyclyx International, LLC. ("Cyclyx") is a post-use plastic feedstock management
company working with industry partners to develop recycling solutions for all
types of post-use plastics. The company's mission is to significantly increase
the recyclability of plastics by using Cyclyx's expertise in understanding the
chemical composition of waste plastic in collaboration with industry partners to
create a new, innovative supply chain. Cyclyx was founded by Agilyx Corporation
("Agilyx"), a leader in advanced chemical recycling, and joined by ExxonMobil
Chemical Company, one of the largest chemical companies in the world, to address
the complexities of recycling post-use plastics.  

About Agilyx 
Agilyx AS (AGLX), is a pioneer in the advanced recycling of difficult-to-recycle
post-use plastic streams. Agilyx AS is listed on Euronext Growth in Oslo,
Norway. With Agilyx's chemical recycling technology and intelligent feedstock
management system, mixed plastic waste can be converted to new virgin-equivalent
plastics, as well as chemical products and fuels - creating the opportunity for
true circularity. Contact us to have your plastic waste streams recycled at
info@agilyx.com. For more information, follow us on social media and visit us at
www.agilyx.com.

For further information, please contact: 
Kate Ringier, Vice President, Communications & Government Affairs
Telefon: +41 78 822 7770
Epost: kate.ringier@agilyx.com


This information is subject to Euronext Growth (Oslo)'s disclosure requirements.