Chemical recycling pioneer Agilyx has announced its intention to raise new equity through listing shares on the Merkur Market, part of the Oslo Stock Exchange. The additional equity will be used to drive commercialisation of projects, strengthen Agilyx's technology platform, and accelerate growth in Europe and Asia.
In preparation for the listing, the company announced a number of changes to its executive team and Board of Directors in July. Peter Norris, the Chairman of Virgin Group, and a member of the board since 2014 - the year Richard Branson became an investor in Agilyx - assumed the Chairman position at Agilyx.
Agilyx also appointed Tim Stedman as CEO, to replace Joe Vaillancourt, who was appointed president of Cyclyx International, Inc., an affiliated company it recently launched to advance its plastic feedstock management business.
"We are excited about taking this step to become a public company, which creates an expanded platform for further growth," said Norris.
”The Merkur Market, with its active cluster of renewable companies and strong focus on environmentally and socially responsible investing, is an ideal listing venue for a company like Agilyx."
As an innovator in the field of salvaging chemical ingredients from end-of-life plastics, Agilyx is dedicated to addressing the plastic waste issue.
Managing post-use plastic waste is a global and immediate challenge. Today barely 10 percent of the world's plastic waste is recycled, while the rest goes to landfills, or ends up in waterways and oceans.
“We believe that advanced recycling and our feedstock know-how is the key to moving plastic waste recycling rates from 10 percent to 90 percent.”
Agilyx's chemical recycling technology and intelligent feedstock management system, allows mixed plastic waste to be converted to new virgin-equivalent plastics, as well as chemical products and fuels. The company has developed a viably commercial system capable of recycling polystyrene waste into styrene monomer, which is then used to remake new polystyrene products, as well as a technology that converts mixed plastics to high-quality crude oil.
In other words, unlike mechanical recycling, which is limited in terms of the kinds of plastics and quality yield, Agilyx's approach allows for the conversion of mixed plastic waste and difficult-to-recycle polymers into feedstock for new plastics pure enough for use in sensitive applications such as food contact packaging.
Founded in 2004, Agilyx is operating in Oregon, USA, the only polystyrene chemical recycling facility certified by International Sustainability and Carbon Certification (ISCC+), and with continuous operations and commercially contracted customers. Agilyx also has a number of projects underway to build additional facilities for chemical recycling, including a larger-scale polystyrene chemical recycling facility in Illinois, USA, as well as PMMA (Lucite) and other types of plastic in the U.S. and Europe.
Agilyx says it has appointed Stockholm-based Carnegie AS to act as manager in the private placement and listing, and Advokatfirmaet BAHR AS as its Norwegian legal advisor.