Agilyx released several operational and organizational announcements this evening which positions the company for a new phase of growth. First, the company announced that it has signed a binding agreement with ExxonMobil and LyondellBasell to invest in Cyclyx, the sourcing platform of Agilyx.
In the agreement, LyondellBasell and ExxonMobil will together invest USD 135m (NOK 1.5bn) in Cyclyx for a stake in the platform. The use of proceeds will be to advance the Cyclyx Circularity Centre (CCC) to FID (expected in short order) as well as fund construction costs through commissioning (expected 2025).
The first CCC is supported by offtake agreements from ExxonMobil and LyondellBasell, with the agreement also envisioning a second CCC. Post the transaction, Agilyx will own 50% of Cyclyx, with ExxonMobil and LyondellBasell owning 25% each.
In addition to the initial investment, Agilyx this evening announced a proposed placing of around USD 15-20m in order to fund/support commercialization of key projects and the transformation to more of a “build/own/operate” approach. Finally, the company announced that Tim Stedmen will be stepping down as CEO of the company for personal reasons.
Tim will remain as CEO until the end of the year with a search for his successor underway.