Agilyx technology produces on-spec product in Japan

Rhea-AI Summary

Agilyx has announced that its depolymerization technology successfully produced on-specification product during the commissioning of Toyo Styrene's 10 ton-per-day chemical recycling facility in Japan. The plant, completed in March 2024, converts post-use polystyrene into styrene monomer, which is then transformed back into high-value polystyrene products with a significantly lower carbon footprint. This milestone demonstrates the efficacy of Agilyx's technology and marks a key step towards the project's completion. Agilyx and Toyo will continue collaborating to optimize the facility in the coming months.

Positive

• Successful production of on-specification product during commissioning.
• 10 ton-per-day chemical recycling facility demonstrates Agilyx's advanced technology.
• Facility converts post-use polystyrene into styrene monomer with a lower carbon footprint.
• Milestone marks a key step towards the project's completion.
• Continued partnership and optimization efforts between Agilyx and Toyo Styrene.

Negative

• No financial data provided to assess the project's economic impact.
• Details on the operational costs and potential challenges of the facility are not disclosed.
• No information on the projected timeline for the facility's full operational status.

OSLO, Norway, June 3, 2024 /PRNewswire/ -- Agilyx ASA (OSE: AGLX) (OTCQX: AGXXF) ("Agilyx" or "the company"), a technology company that enables customers to recycle the most challenging post-use plastics to high value, virgin-equivalent products, is proud to announce that its depolymerization technology was successfully demonstrated during commissioning of Toyo Styrene's 10 ton-per-day chemical recycling facility in Japan.

The recycling plant will convert post-use polystyrene into a styrene monomer enabled by Agilyx depolymerization technology. The styrene monomer will then be converted back into high value polystyrene products which bear a significantly lower carbon footprint than similar products made with virgin monomer.

Construction of the facility was completed in March 2024, at which time the commissioning process began. Last week, polystyrene was successfully depolymerized and converted to on-specification product during commissioning. The Toyo Styrene plant showcases the latest generation of Agilyx's technology.

"The successful production of on-spec product during the commissioning process at Toyo's facility is an exciting milestone," stated Russ Main, interim CEO for Agilyx. "This achievement demonstrates the efficacy of Agilyx's technology and brings us one step closer to project completion on the first polystyrene chemical recycling facility in Japan."

Agilyx and Toyo will continue to partner and optimize the facility over the next few months.

Contact:

For media inquiries:
communications@agilyx.com

For investor inquiries:
investors@agilyx.com

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SOURCE Agilyx

FAQ

What technology did Agilyx use in the Toyo Styrene facility in Japan?

Agilyx used its depolymerization technology at Toyo Styrene's 10 ton-per-day chemical recycling facility to convert post-use polystyrene into styrene monomer.

When was the Toyo Styrene chemical recycling facility completed?

The construction of the Toyo Styrene chemical recycling facility was completed in March 2024.

What is the goal of the Toyo Styrene recycling facility in Japan?

The goal is to convert post-use polystyrene into styrene monomer and then into high-value polystyrene products with a lower carbon footprint.

What milestone did Agilyx achieve at the Toyo Styrene facility?

Agilyx successfully produced on-specification product during the commissioning of the Toyo Styrene facility.

What is the significance of the on-spec product in the Toyo Styrene facility?

The on-spec product signifies the efficacy of Agilyx's technology and marks a step towards the project's completion.