LyondellBasell Acquires 25% of Joint Venture Cyclyx
“Investing in plastic waste value chain experts such as Cyclyx, together with Agilyx and ExxonMobil, helps create the robust supply chains we all need to increase access to circular and renewable feedstocks,” said Yvonne van der Laan, executive vice president, Circular and Low Carbon Solutions at LyondellBasell. “This collaboration unlocks the necessary scale of recycled material and infrastructure for our planned integrated Circular and Low Carbon Solutions Hub in the Houston area and aligns with our purpose of creating solutions for everyday sustainable living," van der Laan added.
“We are excited by and welcome the inclusion of LyondellBasell in the ownership of Cyclyx,” commented Joseph Vaillancourt, CEO of Cyclyx. “Headquartered in Houston, LyondellBasell is a respected global leader that shares our vision of a more sustainable future. We are uniquely positioned to enable their sustainability goals for plastic circularity.”
Cyclyx also announced that it is expanding its business model from a strict licensing model to now include a build, own, and operate option for Cyclyx Circularity Centers (CCCs). This business model expansion will enable Cyclyx to control the custody and quality of custom-blended feedstocks from sourcing through delivery, the company said. Cyclyx also believes this expanded business model will accelerate the collection of post-use plastics to increase recycling in more communities and businesses nationwide.
Cyclyx also wants to utilize the Cyclyx Circularity Labs to further expand its chemical characterization database and leadership position in understanding how to best manage contamination in, and utilization of, post-use plastics.
According to Cyclyx, the expanded model helps further its goals of enhancing its national footprint, accelerating the scale of its feedstock services, and investing in future growth in support of the broader industry.