Agilyx has released its H1 results confirming the strategic shift to focus on the Cyclyx feedstock sorting business and away from the pyrolysis business. This has been accompanied by a committed funding package of $87m to fund the development of the second Cyclyx Circularity Centre (CCC2). The Cyclyx business offers Agilyx exposure to potentially strong near-term growth while it develops its waste conversion business over the longer term under the new investment holding company structure, with a view to finding a strategic partner to commercialise the existing technology. We have updated our forecasts based on this shift and our central case valuation is unchanged at NOK 90.
