Nutter Represents Agilyx in Connection with Landmark Plastic Waste Recycling Joint VenturePrint PDF
Nutter represented Agilyx Corporation and its parent company Agilyx ASA (OSE: AGLX; OTCQX: AGXXF) in connection with LyondellBasell acquiring 25% equity ownership in Cyclyx International, LLC, a waste plastic sourcing and processing joint venture between Agilyx and ExxonMobil Chemical Corporation (NYSE: XOM). LyondellBasell will become a partner in Cyclyx and, with ExxonMobil, will together invest $135 million into Cyclyx to fund operating activities, advance the first Cyclyx Circularity Center (CCC) to final investment decision (FID), and fund construction costs through to commissioning. The Nutter team was led by Michael Kushnir and included Francesca Oliveira.
The transaction further accelerates innovation and development of the necessary infrastructure for a nationwide circular economy for plastics. 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 Centers (CCCs). Cyclyx’s 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. Read more about the transaction.
The support of these three industry leaders will help lay the foundation for a nationwide plastic circular economy. Agilyx ASA is a technology company that enables customers to recycle difficult-to-recycle post-use plastics to high value, virgin-equivalent products. ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. LyondellBasell is a leader in the global chemical industry creating solutions for everyday sustainable living.
Cyclyx International, LLC is a post-use plastic innovation company working with industry participants to develop innovative recycling solutions for all types of post-use plastics. The company’s 10to90® mission brand is focused on increasing the recyclability of plastics from 10% to 90%. Cyclyx’s expertise in the chemical composition of post-use plastic, in collaboration with industry partners, creates a new, innovative supply chain. Nutter has a longstanding relationship with Agilyx and Cyclyx, having represented Agilyx Corporation in the initial joint venture with ExxonMobil to form Cyclyx in 2020.
Nutter’s Corporate 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 technology, life sciences, banking, professional services, real estate, energy, medical devices, health care, and manufacturing. Nutter’s corporate practice handles the full range of M&A and private equity transactions, including representing buyers and sellers in auctions processes, mergers, asset sales, stock purchases, leveraged buyouts, roll-ups, joint ventures, PIPEs, going private transactions, tender offers, and proxy contests.
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