Nutter Represents Agilyx in Joint Venture with ExxonMobil to Form Cyclyx InternationalPrint PDF
Nutter served as legal counsel to Agilyx Corporation and its parent company Agilyx AS (Euronext Growth Oslo: AGLX), a leader in advanced recycling of post-use plastics, in its joint venture with ExxonMobil Chemical Corporation (NYSE: XOM), the world’s largest publicly traded international oil and gas company, to form Cyclyx International, LLC. The legal team was led by Michael Kushnir in the Corporate and Transactions Department and included Patrick Concannon and Portia Keady.
Cyclyx and ExxonMobil have entered into a global feedstock agreement whereby Cyclyx will work with ExxonMobil to source and/or enable the sourcing of plastic waste that meets their product specifications. This collaboration will bring innovative solutions for aggregating and pre-processing large volumes of plastic waste to be used as raw material to manufacture petrochemical products, including naphtha and chemical intermediate pathways. Cyclyx is targeting to develop systems to collect and sort 300,000 tons of plastic waste per year by 2025, with an ambition of reaching 3 million tons of international processing capacity per year by 2030. More on the transaction.
Nutter’s Corporate and Transactions Department represents domestic and international corporations, publicly traded and privately-held companies, private equity firms, nonprofit institutions, and family-owned businesses in a wide variety of domestic and cross-border transactions. The firm’s attorneys advise on significant transactions in every major industry sector, including manufacturing, high technology, life sciences, banking, professional services, real estate, energy, medical devices, and health care. Nutter’s corporate law practice handles the full range of M&A and private equity transactions, including representing buyers and sellers in auctions and bid processes, mergers, asset sales, stock purchases, leveraged buyouts, roll-ups, joint ventures, PIPEs, going private transactions, exchanges of securities, friendly and hostile tender offers, and proxy contests.
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About Cyclyx International, LLC.
Cyclyx International, LLC. (“Cyclyx”) is a post-use plastic feedstock management company working with industry partners to develop recycling solutions for all types of post-use plastics. The company’s mission is to significantly increase the recyclability of plastics by using Cyclyx’s expertise in understanding the chemical composition of waste 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, and joined by ExxonMobil Chemical Company, one of the largest chemical companies in the world, to address the complexities of recycling post-use plastics.
Agilyx AS (AGLX), is a pioneer in the advanced recycling of difficult-to-recycle post-use plastic streams. Agilyx AS is listed on Euronext Growth in Oslo, Norway. With Agilyx’s chemical recycling technology and intelligent feedstock management system, mixed plastic waste can be converted to new virgin-equivalent plastics, as well as chemical products and fuels – creating the opportunity for true circularity. Contact us to have your plastic waste streams recycled at firstname.lastname@example.org. For more information, follow us on social media and visit us at www.agilyx.com.