Chemical recycler Agilyx Corporation has announced that it has secured growth financing from a group of European investors led by Carnegie Investment Bank as the sole advisor on the financing.
In the same statement, the company, which is headquartered in Oregon, said it was opening an office in Oslo, Norway, to support its growth in the European market as well as an office in the Boston Metro Area that will expand its corporate and business development capabilities.
Calling the financing a ‘major milestone’ for the company, Joe Vaillancourt, CEO of Agilyx, commented that the company was now ‘well positioned’ to execute on its strategic goals.
Carnegie Investment Bank is the market leader in investment banking, securities and private banking services in the Nordic region. “We believe that the world needs to start to improve current plastic recycling rates and treat plastic as a renewable resource,” said Christian Begby, CEO of Carnegie Norway. Agilyx has the solution, expertise and business model to be a leading player in this commercial transformation, he added.
Agilyx has developed technology capable of recycling polystyrene waste into styrene monomer, which is then used to remake new polystyrene products. The company also has commercialized a technology that converts mixed plastics to high-quality crude oil. From these first to market products, the company has since expanded its product platform into a broad range of customized low carbon chemicals, polymers and fuels.