Agilyx and INEOS Styrolution advance development of large scale TruStyrenyx™ plant

Rhea-AI Summary

Agilyx ASA (OTC-PINK: AGXXF) and INEOS Styrolution have announced advancements in their collaboration to develop the TruStyrenyx chemical recycling facility in Channahon, Illinois. The facility aims to process up to 100 tons of polystyrene waste daily, transforming it into high purity styrene monomer for new plastic products. The final engineering phase is expected to be completed in 2023, paving the way for construction funding decisions. Agilyx CEO Tim Stedman emphasized the facility's potential to significantly increase recycled plastic usage, responding to rising consumer demand for sustainable products.

Positive

• Advancement of the TruStyrenyx chemical recycling facility indicates strong collaboration with INEOS Styrolution.
• Facility will process up to 100 tons of polystyrene waste daily, enhancing recycling capacity.
• Engineering completion anticipated in 2023, leading to potential funding for construction.

Negative

• None.

• Collaboration with Technip Energies developing into projects
• Final stage of design and engineering work will form the basis for construction
• Facility will process up to 100 tons of polystyrene waste per day

OSLO, Norway and AURORA, Ill., March 27, 2023 /PRNewswire/ -- Agilyx ASA (OSE: AGLX; OTCQX: AGXXF) ("Agilyx"), a technology company that enables customers to recycle post-use plastics to high value, virgin-equivalent products, and INEOS Styrolution America LLC (:"INEOS Styrolution"), the global leader in styrenics, are pleased to announce that  they are advancing the development of a previously announced 100 tons per day TruStyrenyx™ chemical recycling facility in Channahon, Illinois.

TruStyrenyx is a partnership between Agilyx and Technip Energies and provides an all-in-one solution for the chemical recycling of polystyrene back into a high purity styrene monomer. The styrene monomer can be used to make new, food-grade plastic products or packaging.  Under the agreement, Agilyx and Technip Energies will collaborate with INEOS Styrolution and together develop the design and engineering that will serve as the basis for constructing the chemical recycling facility. We anticipate completion of engineering in 2023, which will form the basis for a financial investment decision.

Tim Stedman, CEO of Agilyx, said: "I'm delighted that we are partnering with INEOS Styrolution to continue development of the first large scale TruStyrenyx plant, utilizing some of the private placement funds Agilyx raised in September. We view TruStyrenyx as a game changer in the recycling of polystyrene, enabling an incredibly high purity, circular solution. This new facility will help to meet the growing demand from brand owners and consumers who want to see more recycled plastics in products."

Greg Fordyce, President of INEOS Styrolution, said: "We are very pleased to announce the advancement of the recycling plant in Channahon, Illinois. This facility will increase polystyrene recycling rates in the greater Chicago area and across the United States and demonstrates our company's ongoing commitment to sustainability. The TruStyrenyx facility will allow us to provide our customers with recycled content that is incredibly high purity for producing environmentally conscious products using innovative and sustainable solutions."

Contacts

Agilyx

For investor inquiries:
Louise Bryant
SVP, Investor Relations & Sustainability
+44 7813 210 809
louise.bryant@agilyx.com

For media inquiries:
Kate Ringier
VP, Communications & Government Affairs
+ 41 43 883 0396
kate.ringier@agilyx.com

INEOS Styrolution

For media inquiries:
April Ludwikowski
Communications Manager, Americas
INEOS Styrolution America LLC
4245 Meridian Parkway, Suite 151
Aurora, IL 60504, USA
+1 331.212.5757
april.ludwikowski@ineos.com

View original content:https://www.prnewswire.com/news-releases/agilyx-and-ineos-styrolution-advance-development-of-large-scale-trustyrenyx-plant-301782110.html

SOURCE Agilyx

FAQ

What is the purpose of the TruStyrenyx facility by Agilyx (AGXXF)?

The TruStyrenyx facility aims to chemically recycle polystyrene waste into high purity styrene monomer, which can be used to produce new plastic products.

Where is the TruStyrenyx facility located?

The TruStyrenyx facility is located in Channahon, Illinois.

What is the daily processing capacity of the TruStyrenyx facility?

The facility is designed to process up to 100 tons of polystyrene waste per day.

When is the engineering for the TruStyrenyx facility expected to be completed?

The engineering work for the TruStyrenyx facility is expected to be completed in 2023.

Who are the partners involved in the TruStyrenyx project?

The partners involved in the TruStyrenyx project are Agilyx ASA, INEOS Styrolution, and Technip Energies.