Agilyx — Capital/Financing Update 2022

Aug 22, 2022

Agilyx ASA (AGLX) - Agilyx announces that Cyclyx has secured close to $15 million in outside financing for its first Circularity Center

Agilyx ASA (AGLX) - Agilyx announces that Cyclyx has secured close to $15 million in outside financing for its first Circularity Center

Cyclyx International is advancing the development of a previously announced(https://newsweb.oslobors.no/message/549366), first of its kind, Cyclyx Circularity Center (CCC), an advanced plastic feedstock processing facility in Texas. External financial support has been secured for initial funding of up to $14.8M to allow completion of engineering and to facilitate the ordering of key long lead time equipment, of which $1.75M has already been received. Anticipated completion of construction will be in the second half of 2023 and commissioning is expected in the first quarter of 2024.

The proposed CCC has increased in size from the originally anticipated scale of 60,000 to 150,000 tons per annum with capability to supply feedstock for both chemical and mechanical recycling operations.

This Cyclyx Circularity Center will be unique among plastic recovery facilities (PRFs) in that it will accept and process all types of waste plastics, have the ability to sort out mechanical and advanced recycling products based on their best use, and develop an integrated artificial intelligence (AI) tool set to optimize quality assurance and control processes. In addition, the facility will have robust and flexible compounding capabilities allowing it to produce custom feedstocks meeting many different product specifications.

“We couldn’t be happier to be progressing this project,” stated Joe Vaillancourt, CEO of Cyclyx. “With the capability to accept and process a wide range of waste plastics and put those materials to their highest use via mechanical or advanced recycling pathways, we can increase the access to certified post-use plastic feedstock to plastic producers and manufacturers and help to increase the recyclability of plastic from 10% to 90%.”

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 mission is to increase the recyclability of plastics from 10% to 90% by using Cyclyx’s expertise in understanding the chemical composition of post-use 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, together with ExxonMobil Chemical Company, one of the largest chemical companies in the world. 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 www.cyclyx.com.