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January 16, 2020 09:28 AM

Agilyx wins backing for new offices in Oslo, Boston

Plastics News Europe
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    Agilyx Corp.

    Agilyx has selected Oslo as its new European site.

    Oregon-based Chemical recycler Agilyx Corp. is ready for growth, with backing from a group of European investors to support a new office in Europe and an office in Boston.

    Canegie Investment Bank is both a new investor and the sole advisor on the new round of financing, Tigard-based Agilyx said in a Jan. 15 news release.

    Agilyx has selected Oslo as its new European site, saying it and the Boston location will support expansion of corporate and business development capabilities.

    Calling the financing a "major milestone" for the company, CEO Joe Vaillancourt said the company was now "well positioned'" to execute on its strategic goals.

    The move follows a Dec. 9 announcement that Agilyx and Ineos Styrolution are setting up a processing facility in Channahon, Ill., as part of their joint effort to advance the chemical recycling of polystyrene.

    Agylix's process is capable of recycling polystyrene waste into styrene monomer, which is then used to make new PS products. The company also has commercialized a technology that converts mixed plastics to high-quality crude oil.

    "We believe that the world needs to start to improve current plastic recycling rates and treat plastic as a renewable resource," said Christian Begby, CEO of Carnegie Norway. Agilyx has the solution, expertise and business model to be a leading player in this commercial transformation, he added.

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