Agilyx works with former Plastic Energy CEO on sourcing venture

Norway-based Agilyx ASA has announced its participation in a new joint venture (JV) called Plastyx Ltd., to be based in Dublin.

Agilyx is a JV partner in the venture with Luxembourg-based Circular Resources SARL and plastics recycling executive Carlos Monreal.

Monreal is the founder of Circular Resources and the founder and former CEO of United Kingdom-based Plastic Energy. The latter firm has developed patented technology based on a scalable chemical recycling technique using plastic scrap as feedstock.

Plastic Energy announced in late March 2024 that Monreal was stepping down as CEO of the firm, though he stayed on as board chair. 

A 2023 audited financial statement for Plastic Energy posted to the U.K. government’s Companies House website indicates in that year the firm generated revenue of nearly 4 million British pounds ($5.15 million). However, its pretax loss for that year amounted to more than 26.7 million pounds ($34.65 million).

In that same report, the firm mentions technology licensing as one potential area expected to contribute to material new revenue growth in the coming years.

According to Agilyx, the newly formed Plastyx JV aims to be Europe’s leading feedstock supplier to the advanced plastic recycling market, and Monreal will serve as chairman of the venture.

“While advanced plastic recycling technologies are scaling industrially and complementing mechanical recycling, the industry’s growth remains constrained by the availability of consistent, high-quality feedstock,” Plastyx says.

The firms forming the JV say it is being structured to bridge this gap by developing partnerships and material processing capabilities to ensure a reliable supply of high-quality polymers for food-grade and other high-performance packaging applications. The company’s near-term objective is to source and execute memoranda of understanding for 200,000 metric tons of recyclable plastic by the end of 2025.

“I am excited to start this new phase,” Monreal says. “After developing advanced recycling facilities as chairman and CEO of Plastic Energy and investing in recycling collection programs through my investment in GreenDot, the natural next step is to focus on feedstock sourcing. Partnering with Agilyx provides a unique opportunity to scale our joint vision.”

Agilyx CEO Ranjeet Bhatia adds, “Agilyx is committed to building an international sourcing platform to support our interests in Cyclyx.”

Agilyx is a JV partner in Cyclyx, which is working with other companies with a chemical recycling footprint to open what it calls circularity centers in Texas to aggregate and process plastic scrap feedstock for both mechanical and chemical recyclers.

“Carlos is a leader in our field and has unparalleled understanding of the advanced recycling industry,” Bhtatia says. “By linking Cyclyx's industry-leading feedstock management capabilities with Plastyx, through Agilyx's shared ownership interest, we are launching an exciting first mover in this critical market segment.”

In addition to operating Cyclyx and now being a Plastyx JV partner, Agilyx also provides Styrenyx and T.EN technology to create and market TruStyrenyx, which it calls a “full polymer-to-monomer advanced recycling solution for polystyrene.”