Agilyx Corporation, a wholly owned subsidiary of Agilyx AS (Euronext Growth (Oslo): ("AGLX"), a pioneer in the advanced recycling of post-use plastics, and Braskem (B3: BRKM3, BRKM5 and BRKM6; NYSE: BAK; LATIBEX: XBRK), the largest polyolefins producer in the Americas and leading producer of biopolymers in the world, today announced the initiation of a feasibility study to explore the development and construction of an advanced plastics recycling project in North America.
The project aims to examine an efficient pathway to produce polypropylene (PP) using difficult-to-recycle mixed waste plastic, powered by Agilyx advanced recycling technology. Mixed waste plastics for this project would be sourced through Agilyx's feedstock management company, Cyclyx International, Inc. In addition, this project is targeting circular PP with the necessary properties for demanding customer applications such as food packaging, consumer, and hygiene products.
Mark Nikolich, CEO of Braskem America, stated, "As the North American leader in polypropylene, Braskem is committed to evolving its feedstock portfolio to leverage more sustainable input sources and is currently evaluating various supply agreements and innovative projects to drive this shift. Our collaboration with Agilyx is just the most recent example of Braskem's efforts to more holistically address the limited availability of propylene feedstock derived from post-use plastic in the market today. Looking forward, Braskem intends to explore direct investment options as needed to help accelerate this transition to more circular and sustainable feedstock and production technologies."
"We are pleased to partner with Braskem to advance this project forward and to expand the market for post-use recycled plastic," said Tim Stedman, CEO of Agilyx. "Agilyx has a proven technology leadership and track record in converting hard-to-recycle plastic. This collaboration targets a new product pathway for Agilyx, converting mixed waste plastic into the chemical building blocks used to produce polypropylene."
Agilyx (AGLX), is a pioneer in the advanced recycling of difficult-to-recycle post-use plastic streams. 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. The company has not only developed these first-to-market products but has also developed a feedstock management company Cyclyx International, Inc. and is working with many waste service providers, municipalities, petrochemical, and brand and retail companies to develop closed-loop advance recycling solutions for mixed waste plastics. Contact us to have your plastic waste streams recycled at email@example.com . For more information, follow us on social media and visit us at www.agilyx.com .
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are statements that are not historical facts, and are based on our management's current view and estimates of future economic and other circumstances, industry conditions, company performance and financial results, including Braskem's commitments to sustainability. The words "commits," "anticipates," "believes," "estimates," "expects," "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the implementation of operating, financing and other strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting our financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of our management and are subject to a number of risks and uncertainties, many of which are outside of our control. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Please refer to our annual report on Form 20-F for the year ended December 31, 2019 filed with the SEC, as well as any subsequent filings made by us pursuant to the Exchange Act, each of which is available on the SEC's website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this presentation.