LyondellBasell acquires 25% of Cyclyx joint venture
Published by Poppy Clements,
Assistant Editor
Hydrocarbon Engineering,
“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, LyondellBasell Executive Vice President, Circular and Low Carbon Solutions. “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."
“We are excited by and welcome the inclusion of LyondellBasell in the ownership of Cyclyx,” said 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.”
In conjunction with this announcement, Cyclyx is expanding its business model from a strict licensing model to now include a build, own, and operate option for Cyclyx Circularity Centres (CCCs). This business model expansion will enable Cyclyx to control the custody and quality of custom-blended feedstocks from sourcing through delivery. Cyclyx also believes this expanded business model will accelerate the collection of post-use plastics to increase recycling in more communities and businesses nationwide.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/27102023/lyondellbasell-acquires-25-of-cyclyx-joint-venture/
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