New joint venture helps Agilyx take the next step in solving the world’s plastic problem
Agilyx’s vision is to make waste plastic a renewable resource – by developing ways to upcycle the material that many products depend on, but that can sometimes be hard to recycle.
The market leader in advanced recycling has teamed up with one of the world's largest publicly traded international oil and gas companies, ExxonMobil, to create a new joint venture: Cyclyx.
Cyclyx, represents an entirely new approach to tackling plastic waste. It will aim to collect and sort plastic waste, that otherwise would have ended up in landfill or in the oceans, and turn it into valuable new products.
Virgin and Richard Branson are proud long-term investors and supporters of Agilyx as a driver of positive change in the carbon-based chemicals industry. Virgin invests more broadly in renewable projects that use established technologies to deliver high and sustainable growth potential.
Peter Norris, Virgin Group Chairman and Agilyx Chairman, said: “This joint venture is a brilliant step forward for Agilyx towards achieving their vision to transform global plastic recycling rates from 10% to 90%. It builds upon Agilyx’s 16 years of technological expertise in recycling and upcycling plastic waste, combining it with the scale and flexibility of ExxonMobil’s production capabilities around the world. Cyclyx is an important step forwards towards solving the issue of plastic waste.”