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Following the restructuring of the Cyclyx joint venture in November, Agilyx is seeing meaningful progress on the first two Cyclyx Circularity Centers. The first center is on track for start-up in mid-2025 and a second project is targeting final investment decision this year. The restructuring announced in November brought new capital to the JV and we see today’s announcement as evidence of the progress this is bringing.
Companies: Agilyx ASA
Longspur Clean Energy
Agilyx have announced the conclusion of their Regenyx JV with Americas Styrenics (AmSty) at the Tigard facility in Oregon. After commencing in 2019, the project was able to divert over six million pounds of waste polystyrene and, using Agilyx depolymerisation technology, allowed for AmSty to produce new polystyrene from it. The conclusion of this first of a kind project laid the foundations for the Agilyx technology which is now being carried on at new projects across the globe. Regenyx was not
Performance of clean energy shares was weak in 2023 other than in storage. 2024 is likely to see storage continue to perform but renewables, bioenergy and hydrogen could also see an improved environment in the year. While elections in the US and the EU could result in weaker support for clean energy, these are to an extent offset by progress at COP28 and the extent to which electorates recognise climate change in the face of almost unavoidable evidence.
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The Agilyx Q3 update shows an improvement in gross profit as the focus now moves towards the core conversion business. Cyclyx has seen weaker sales from lower customer production capacity earlier in the year but we expect the business to be improved going forward from the injection of new capital and wider support, not least from new partner LyondellBasel. For the core Agilyx business the immediate focus is on the Toyo project which is making good progress with commissioning expected in Q1 2024.
We see the Cyclyx joint venture changes as de-risking the business and accelerating growth into a market hungry for circularity solutions. This and the NOK 220m fund raise also de-risk Agilyx financially. The deal deconsolidates Cyclyx so the profit and loss account will change dramatically. A lower holding is offset by a major capital contribution which we see as positive. We have remained cautious for now on growth, keeping our key volume driver unchanged, meaning the lower holding and higher
Agilyx has announced a major financing package for the Cyclyx JV that will provide it with significant new capital. While Agilyx reduces its holding from 75% to 50%, we see the transaction boosting the JV’s growth prospects, opening up a wider opportunity set. Along with a NOK 220m private placing the deal also de-risks Agilyx financially.
Yesterday’s interim results showed broad progress but a new, more focused approach to a select number of near term waste-to-product projects. With Cyclyx seeing a temporary maintenance driven revenue dip we have revised our full year forecasts. We have also reduced FY 24 and FY 25 numbers to reflect the more focused strategy but the long term story remains as strong as before and there is potential for a stronger rebound at Cyclyx. Our central case valuation moves to NOK 104 from NOK 113.
Agilyx has released its interim results for the half ended June 2023. The company has displayed modest revenue growth increasing to $8.1m from $7.8m mainly driven by the progression of the Toyo Contract within the Agilyx business. This has offset a revenue decline in the Cyclyx business caused by curtailed production capacity from facility maintenance at customer sites. The greater contribution from the Toyo project has boosted the gross margin causing a move from a $755k loss to $627k gain. Clo
Agilyx has provided an update on the Toyo Styrene project, the first polystyrene chemical recycling facility in Japan, which remains on track to commission in Q1 2024. Separately, Cyclyx, the feedstock services business, has continued to add consortium partners, with AstroTurf and Teknor Apex having joined, displaying ongoing momentum in attracting leading names who are looking to improve their sustainable practices.
Agilyx has announced that Cyclyx (it’s feedstock services business) has launched a new offering, Cyclyx Brokerage Services, which aims to sell waste plastics better suited to mechanical recycling rather than the Agilyx pyrolysis solution. Cyclyx Circularity Centres accept all waste plastics where they are chemically characterised and sorted to meet feedstock requirements driven by the offtake partner prior to chemical recycling. The brokerage service will allow for identified plastics which are
The Agilyx full year results last week reflected a period of strong development for the company. The core Agilyx business continues to develop with the contract with Toyo being the main contributor in the year but with progress with several other partners developing and more recent the strategic collaboration with BioBTX adding to the momentum. Additionally, Cyclyx is developing ahead of our expectations with consortium members now standing at 37. We have made some changes to our forecasts notab
Agilyx full year results reflect a period of strong development for the company and show the Cyclyx JV moving ahead at pace augmented by early contract revenue from Toyo. Agilyx has continued to invest and the company continues to make good progress towards two technology licences in the current year. With Cyclyx consortium members now standing at 37 we think 2022 has built a strong foundation for growth at the company.
Agilyx have today announced a strategic collaboration to explore the use of Agilyx’s pyrolysis technology at the BioBTX commercial demonstration plant to produce renewable aromatic chemicals (benzene, toluene and xylene). This is a positive announcement that shows the potential versatility of Agilyx’s pyrolysis technology and highlights the role the company could play in creating a circular economy.
The Channahon, Illinois project for INEOS Styrolution represents a major early project for the TruStyrenyx polystyrene recycling partnership with Technip Energies. Polystyrene represents one of the three focused feedstock recycling routes for the Agilyx technology along with mixed plastic waste and acrylates. We see the decision to advance development of the project as evidence that the partnership approach can deliver the right solution for the market.
Agilyx is building significant traction in plastic waste recycling in both its core technology licencing business and also in its unique feedstock services business. With a growing awareness of the impact of micro plastic waste on global warming we see the company facing a growing market with increased policy support. We see Agilyx as an attractive way to play this theme and one of the very few to offer comfort on its technology with over 16,000 operating hours. We initiate coverage with a centr
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