LyondellBasell buys shares in US joint venture Cyclyx
Plastics group LyondellBasell is acquiring 25 per cent of Cyclyx to accelerate the recycling of plastic waste.
Cyclyx International LLC. a joint venture between Agilyx and ExxonMobil established in December 2020 and headquartered in Portsmouth, New Hampshire (USA), announced that LyondellBasell had acquired a 25 per cent stake in the joint venture. The addition of LyondellBasell to Cyclyx is intended to drive innovation and the development of the necessary infrastructure for a circular economy for plastics in the US. Cyclyx says its goal is to increase the recyclability of plastics from 10 per cent to 90 per cent under the company's 10to90® brand. In connection with the entry of LyondellBasell, Cyclyx is expanding its business model, which has so far been limited to licensing, and plans to build and operate plants for the sorting and processing of plastic waste in the future. This would give Cyclyx control over the quality of the individually assembled raw materials from procurement to delivery and would also promote the collection of plastic waste. In addition, the company plans to build a database for the chemical characterisation of plastic waste, thereby expanding its understanding of how best to handle contaminants in waste plastics and how to recycle them.
"Investing in plastic waste value chain experts like Cyclyx, along with Agilyx and ExxonMobil, helps create the robust supply chains we all need to improve access to circular and renewable feedstocks," says Yvonne van der Laan, executive vice president, Circular and Low Carbon Solutions at LyondellBasell. "This collaboration unlocks the necessary scale of recycled materials and infrastructure for our planned integrated Circular and Low Carbon Solutions Hub in the Houston region and aligns with our goal of creating solutions for sustainable everyday living." Joseph Vaillancourt, CEO of Cyclyx, added: "We are excited about LyondellBasell's inclusion in Cyclyx's ownership." In LyondellBasell, they had gained a respected global leader as a partner that shares their vision of a more sustainable future, Vaillancourt said.
- Pressrelease LyondellBasell (Oct. 26, 2023)
- Photo: © Cyclyx