In 2009, Mr. Bhatia led Saffron Hill’s investment into Agilyx’s first institutional investment round and has been an active shareholder since that time and a Board member until his appointment as CEO. While managing Saffron Hill Ventures, he has led its investment activity in a wide variety of companies ranging from bio-pesticides and sustainable textiles to internet e-commerce, and software. He currently serves on the Board of Coyuchi Inc., a California-based leader in the sustainable textiles segment, he is a director of Saffron Hill Ventures Ltd. and is on the Board of Cyclyx International LLC, Agilyx’s plastic waste recycling feedstock management joint venture.

Prior to co-founding Saffron Hill Ventures, Mr. Bhatia worked as Advisor to the Chairman of Loot Ltd. on e-commerce strategy and investment, and in a venture capital capacity for Lord Jacob Rothschild, evaluating technology venture opportunities. Mr. Bhatia has had a long-term interest in environmental technology and policy. After interning in the Clinton administration’s White House Office on Environmental Policy, he worked in the environment and energy consulting groups at Booz-Allen & Hamilton, and Dyncorp.

Mr. Bhatia earned an MBA from UCLA’s Anderson School of Business, an MA in International Relations and Economics from the Johns Hopkins University School of Advanced International Studies (SAIS), and a BA in Environmental Science from Occidental College.

Mr. Laroche joined Agilyx in December 2023 to lead Agilyx’s Corporate Development activities. As Chief Financial Officer and Head of Corporate Development since July 2024, he leads the company’s financial strategy and oversees its corporate growth initiatives. His focus includes advancing the feedstock management business in collaboration with Cyclyx strategic partners and engaging with capital markets to secure sustainable growth.

Mr. Laroche is a seasoned finance leader with a proven track record in investment management, strategic planning, capital raising, and mergers and acquisitions. Before joining Agilyx, he served as CFO of a sustainable building materials startup, where he successfully guided the company through multiple funding rounds. With over a decade of experience at BNP Paribas’s Principal Investment Group in New York, he deployed over $250 million in direct private equity and venture capital transactions across energy, infrastructure, and climate technology.

Mr. Laroche is passionate about sustainable and circular solutions, dedicating his career to advancing projects that promote environmental stewardship and resource efficiency. His expertise in these areas is instrumental in driving Agilyx’s mission to revolutionize recycling and turning waste into value. He holds an MBA from ESSEC Business School.

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PORTSMOUTH, New Hampshire, USA, March 11, 2022 – Cyclyx International, a consortium-based supply chain innovation company with a mission to increase the recycling rate of plastic from 10% to 90%, has announced the creation of a digital asset and data function which will help the company scale its platform internationally. With the expected growth of Cyclyx in 2022 following its announcements of the development of a specialized plastics recovery facility on the Gulf coast and its participation in the Houston Recycling Collaboration, the importance of data intelligence and digital tools to help transform and scale the new plastic recycling economy is paramount.

The new digital asset and data function will be dedicated to advancing the development of the Company’s AI tools, supply chain logistics, optimization of its customized advance plastic processing facilities, ISCC+ certification requirements and the consumer engagement and affinity tools associated with the Company’s new takeback programs. The new group will be led by Matt Durbin who will serve as the SVP of Digital Asset Strategy and Commercialization. Prior to this role, Matt served as the Company’s VP of Operations. In a related move, Joe Ledbetter will be promoted to VP of Operations having served most recently as the Company’s Senior Director of Feedstock, Supply Chain and Operations.

Matt Durbin has been with the company for 5 years and has served in various capacities, first at Agilyx and then transitioning to Cyclyx at its inception in late 2020. Matt has been instrumental in developing the initial supply chain and operating aspects of Cyclyx as well as obtaining international ISCC PLUS certification of Cyclyx’s post-use plastic management system. In addition, Matt has been leading the development of the Cyclyx custom plastic recovery facilities in collaboration with member organizations. In his new role, Matt will help define the ongoing data and digital asset strategies that will allow Cyclyx to scale internationally in support of its 10 to 90 mission.

Joe Ledbetter has been with the company for 8 years, also starting at Agilyx and transitioning to Cyclyx at its inception. Joe has been integral to developing the operating procedures for Agilyx’s technology, serving early on as plant manager at the company’s Tigard facility and setting up sourcing and supply chain elements of the Cyclyx system. In his new role, Joe will be leading the operational aspects of Cyclyx including the development, construction and commissioning of new plastic recovery facilities (PRFs), management oversight of the operations of the PRFs as well as supporting the transitional needs between waste plastics sourcing activities and the various supply chain and logistic elements of all Cyclyx and 10 to 90 operations.

“I’m excited to announce the appointment of Matt Durbin to the role of SVP of Digital Asset Strategy and Joe Ledbetter to the role of VP of Operations,” stated Joe Vaillancourt, CEO of Cyclyx. “Data tools are integral to our mission to increase the recycling rate of plastic from 10% to 90%. Under Matt’s leadership, this newly created data function within our organization will help improve our ability to collect and convert a broader range of waste plastics into feedstock, allowing us to divert more plastics out of landfill and into the Cyclyx system to be recycled and Joe will help us create a best in class safety and operational culture within the Company as we grow and to manage the tight feedstock specifications that will meet the needs of our offtake customers.”

About Cyclyx International, LLC.

Cyclyx International, LLC. (“Cyclyx”) is a post-use plastic feedstock supply chain innovator working with industry participants to develop innovative recycling solutions for all types of post-use plastics. The company’s mission is to increase the recycling rate of plastics from 10% to 90% by using Cyclyx’s expertise in understanding the chemical composition of post-use plastic in collaboration with industry partners to create a new, innovative supply chain. Cyclyx was founded by Agilyx Corporation (“Agilyx”), a leader in advanced chemical recycling, together with ExxonMobil Chemical Company, one of the largest chemical companies in the world. Cyclyx has been formed to be a consortium-based entity and since its founding there have been a growing number of companies joining its membership. For more information, visit us at www.cyclyx.com.

Contacts

Kate Ringier
VP, Communications & Government Affairs
+ 41 43 883 0396
kate.ringier@agilyx.com

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Thu, Jan 20, 2022 15:00 CET

PORTSMOUTH, New Hampshire, USA, January 20, 2022 – Cyclyx International, a consortium-based plastic feedstock management company with a mission to increase the recycling rate of plastic from 10% to 90%, has announced that Dow (NYSE: DOW) has joined the Cyclyx consortium.

As a leading materials science company, Dow is at the forefront in driving the transformational change that is needed to tackle the existential threats of climate change and environmental degradation.

Dow’s membership in Cyclyx will give it access to participate in customized takeback programs and innovations including plastic waste-based circular feedstock specifications tailored to its specific product pathways – which will help Dow to advance its sustainability and circularity goals.

Mary-Jane Hogg, global director of waste strategy for Dow, will serve on the executive advisory board of Cyclyx.

“Cyclyx’s unique approach to significantly increase plastic recycling rates supports Dow’s commitment to boost plastic circularity and keep plastic out of the environment,” said Hogg.

Cyclyx redirects more difficult to recycle plastic into recycling by tapping into extensive data on the chemical composition of post-use plastics and using AI and predictive analytics to put it to use.

“Our work with Cyclyx supports Dow’s collaboration on leading technologies to enable a sustainable future with resource-efficient production of certified circular plastics – to preserve the environmental benefits of plastics, including the critical role plastics play in reducing carbon emissions,” said Hogg.

Dow’s sustainability journey began more than 30 years ago, and today the company is delivering against its 2025 Sustainability Goals, its third generation of 10-year goals, developed in alignment with the United Nations Sustainable Development Goals, and also recently announced additional targets directed specifically at addressing climate change and plastic waste.

“We’re excited to welcome Dow to Cyclyx and Mary-Jane to the executive advisory board,” stated Joe Vaillancourt, CEO of Cyclyx. “Dow has been very progressive in its commitment to environmental sustainability. Dow’s targets on eliminating plastic waste in the environment align well with Cyclyx’s mission to increase the recycling rate of plastics from 10% to 90%.”

Contacts

Kate Ringier
VP, Communications & Government Affairs
+ 41 43 883 0396
kate.ringier@agilyx.com

Eileen Zeng

EYZeng@dow.com

About Cyclyx International, LLC.

Cyclyx International, LLC. (“Cyclyx”) is a post-use plastic feedstock management company working with industry participants to develop innovative recycling solutions for all types of post-use plastics. The company’s mission is to increase the recycling rate of plastics from 10% to 90% by using Cyclyx’s expertise in understanding the chemical composition of post-use plastic in collaboration with industry partners to create a new, innovative supply chain. Cyclyx was founded by Agilyx Corporation (“Agilyx”), a leader in advanced chemical recycling, together with ExxonMobil Chemical Company, one of the largest chemical companies in the world. Cyclyx has been formed to be a consortium-based entity and since its founding there have been a growing number of companies joining its membership. For more information, visit us at www.cyclyx.com.

About Dow

Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through its materials science expertise and collaboration with its partners. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

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Circular materials are the talk of the town, and with good reason. The extraction of virgin materials currently causes roughly half of greenhouse gas emissions globally. Annual waste generation is projected to increase 70% by 2050. Slowing the extraction of virgin materials and building sustainable, long-lasting products is therefore vital to relieve pressure on our planet.

As we know, the decoupling of economic growth from virgin-material resource use will require mainstream economic players to make a decisive contribution to the circular economy. This is a shift we are starting to see, as both businesses and governments begin to create the right conditions for scale.

Europe’s recent proposal for its revised Waste Shipment Regulation, which would see significant restrictions on non-hazardous waste exports, is an encouraging move to help all of us consider waste differently. The molecules within waste – specifically plastic waste – are a precious above ground resource which should be stewards of.

The other part of this puzzle is of course our ability to treat, manage and recycle this waste. And the question top of mind here is, are we making full use of our recycling capabilities to keep valuable materials in a closed-loop economy?

With about 90% of plastic unrecycled globally, current data on our recycling levels would suggest there is some way to go to reduce that number to just 10%. The good news is that the scalable technology is out there to address this.

We need to talk about plastic waste as a valuable above ground resource

To dig a little deeper into the issues around recycling our waste, we first need to complete the shift in the way we view it. Moving away from the general practice of dismissing plastic as the original sin for environmental pollution, let’s look at how we manage the existing waste on our planet to maintain its original use and value.

It is by creating a more efficient and effective waste management system that we can extract waste’s value and shift the popular perception that plastic waste is not just what we discard, it is an unexploited above ground resource.

Today’s waste management system is highly fragmented across Europe. As national rules developed in silos, conflicting interpretations and applications of waste classification have evolved, often resulting in poor separate collection.

A harmonized process for waste classification, such as the EU’s Waste Shipment Regulation proposal on contamination thresholds, and effective separate collection can ultimately help us increase the quality and quantity of recycled plastics. It is a matter of collective will.

Addressing the plastics problem will require the support and participation of the entire value chain, with the ultimate goal of creating a new stream of virgin-equivalent materials for new products.

Agilyx has been at the core of the creation of a new consortium, Cyclyx, which is one example of how we can build the infrastructure to create this circular industry to recapture post-use plastics that would otherwise be lost to landfill or incineration. Through a network of partners, Cyclyx provides the missing link to bridge the gap between waste collector and recycler.

Our technology characterizes and qualifies plastic waste using proprietary algorithms and an extensive database of chemical compounds built over 17 years to aggregate and pre-process large volumes of post-use plastic, preparing it for recycling pathways.

We need incentives for front-runners developing state-of-the-art recycling technologies

Whilst still a nascent industry, advanced recycling technologies needed to convert post-use plastic back into its original form are out there. We’re starting to see major European markets make commitments to continue investing in these solutions.

France has recently pledged to invest in new recycling infrastructure and plastic-to-plastic recycling solutions and the newly formed German government has signaled it also intends to make new recycling technologies a key priority as part of their packaging law.

Whilst encouraging to see the issue of waste start to move up the political agenda, these commitments are just the tip of the iceberg in terms of the funding needed to tackle the way in which waste is managed and treated.

We need the full spectrum of technological solutions to get our plastic recycling rates up to 90%. Existing recycling technologies such as chemical and mechanical recycling need to go hand in hand, there is no one size fits all solution. Each plastic has its own composition and code with different solutions that fit each type.

Agilyx has developed chemical recycling technologies in order to transform plastics previously thought to be non-recyclable into a range of new circular products. Our technology is uniquely positioned as a viable and more sustainable alternative to landfilling and incineration of difficult-to-recycle post-use plastic waste.

If we are serious about fulfilling our circular economy ambitions and creating a clear pathway to reducing pollution on the planet, we’ll need all these recycling innovations and more to transform our waste into fully circular materials.

Authored by

Tim Stedman, CEO Agilyx

Mr. Stedman has nearly 30 years of experience in the chemical industry covering plastics, elastomers and basic chemicals, such as olefins. He has held positions in operations, sales and marketing, global supply chains, business leadership as well as strategy and corporate development.

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There is no silver bullet to solve the issue of plastic waste but the benefits of chemical recycling can help foster a more circular economy

Much has been said about reducing or eliminating plastic but utilizing and scaling the technology available to create a more circular economy that turns waste to value could be a better solution.

Industry will often talk about ‘closing the loop,’ but what do we really mean?

As the world’s population grows, it is inevitable that our plastic consumption will also increase. Some of the latest modelling from the International Energy Agency has said that plastic production could grow from 359 million tons in 2018 to 540 million by 2040. The challenge for us all – consumers, corporations and governments – is to ensure that this increased use of plastic does not lead to 540 million tons of plastic waste polluting our environment.

The solution is not to ban plastic outright, but to shift how we view, treat and manage plastic in our lives and supply chains. We must give it much greater value and see it not as just a throwaway commodity, but something that can be used, recycled and made into a new product. In turn this will create a circular economy by making sure that plastic which is no longer needed is collected and recycled again and again. This is closing the loop.

To solve the issue of plastic waste, we must highlight and embrace the technology that exists.

First however, we, as consumers and businesses, must accept this challenge. At present, less than 10% of the world’s plastic is recycled. A shocking 90% therefore ends up in landfill, is incinerated or worse still, pollutes our rivers, oceans and natural environment.

Despite significant advances over the years in recycling technology, participation at both consumer and corporate levels have struggled to keep pace. This is in part due to a lack of understanding about the technology, as well as the level of support and investment needed in the infrastructure.

Chemical recycling technology is already deployed around the world, saving a significant amount of waste from ending up in landfill and polluting our environment.

Chemical recycling has long been thought of as either too expensive or not scalable enough to create a fully closed loop circular system that everyone from businesses to consumers can benefit from.

At Agilyx, we’re currently on our seventh generation of chemical recycling technology and lead the industry with the first commercial-scale plastic-to-plastic recycling facility in Regenyx, our joint venture with Americas Styrenics (AmSty). With this technology we have recently passed a significant milestone having recycled more than 4,400 tons of post-use plastic. That’s the equivalent of nearly 20 Statues of Liberty since our launch!

Developed over more than a decade and a half, our technology can be easily scaled and applied to any number of chemical pathways to meet the requirements of our partners via our licensing model, so that more and more companies and consumers have access to leading recycling solutions for a variety of plastics.

This is significant because it enables us to turn some of the hardest to recycle and most contaminated post-use plastic back into its chemical building blocks, able to be transformed into high-grade applications such as food packaging or pharmaceutical products.

As proud as we are of our technology, we know we can’t do it alone. There are a number of chemical recycling and mechanical recycling technologies in existence today and it will take a combination of all of them in order to address the problem of plastic waste on a global scale. However, obtaining reliable sources of post-use plastic to be recycled is a long-standing barrier for the industry. Our joint venture, Cyclyx, is a consortium of companies working together to increase collection efforts in order to address this issue and get post-use plastic out of landfills and the environment and back into a circular economy.

If we want to truly conquer this issue, we must all work together to make it happen.

Closing the loop brings a range of benefits beyond finding a new purpose for converted plastic waste.

While many see the obvious benefits of recycling more, such as taking waste out of our environment and giving it new higher value uses, advancements and efficiencies in recycling technologies mean there are many additional benefits to creating a more circular economy.

Green investment in the industry will create new jobs and support innovation and wider improvements across the sector.

Chemical recycling also helps dramatically reduce the emissions from producing new plastic products, given the high energy levels needed to extract virgin raw materials. In fact, a recent life cycle analysis (LCA) of our depolymerization technology shows a 75% reduction in CO2-emissions over the production of ‘new’ plastic and incineration.

Companies are now having to consider their net impact on the world and face a constant battle with reducing their emissions. By increasing recycling rates or choosing to source or produce products and packaging from recycled materials, they can dramatically reduce their overall emissions.

We are all too aware of the impact plastic waste has around the world, but the solutions exist to better manage and convert it back into valuable products again. We must embrace the challenge and champion the technology. Moving to a fully circular economy is by no means easy, but if we capitalize on the progress and systems already in place, we’ll be much closer to making it a reality.

Authored by

Carsten Larsen, Chief Commercial Officer

Carsten Larsen is Chief Commercial Officer at Agilyx. An experienced commercial leader, Mr. Larsen brings more than 25 years of industrial expertise, most recently having served as commercial director, Plastics Circularity EMEA & APAC for Dow Inc.

Net zero emissions and net zero waste should be viewed as interconnected if we are to meet our climate goals.

Countries are making clear commitments to cut emissions in line with the Paris agreement and ahead of COP26 – the global climate summit this Autumn.

In the run up to COP26 this November, there has been a clear, concerted effort by countries from across the planet to set ambitious climate targets. So far, 124 nations have made pledges to reach net zero emissions.

The new Biden administration has made climate a key priority, rejoining the Paris Climate Agreement and targeting a 50-52% reduction in emissions by 2030. Other global players like China and the EU have also recently raised their ambition to match the urgency of the situation.

The scale of the challenge means that it would be nearly impossible for the world to meet these targets unless business takes a leading role in driving forward the circular economy.

Many of the biggest players are starting to do their part. We’ve seen strong commitments from household names such as Unilever, BP and BlackRock, as well as 21% of the world’s 2,000 largest companies – representing $14 trillion in sales – all setting net zero targets.

However, despite commitments, it is clear more change is needed.

Despite these commitments, more is needed if we will have any hope of keeping within the 1.5C target set in the Paris Agreement. With 2023 on track to see the highest CO2 emissions in modern history, we cannot rely on just doing more of the same, we need to think differently and more creatively on how we can reduce our emissions.

The Intergovernmental Panel on Climate Change – the world’s leading body of climate experts – has warned such an acceleration would put the Paris target all but out of reach. This warning should be a ‘code red’ for us all – governments, businesses and consumers alike – to act.

Even more worryingly, as we’ve seen from the forest fires and flooding in recent weeks, reliance on single solutions such as carbon offsets and tree planting has done very little to change the trajectory of global warming. While these solutions are a good start, we need to implement bigger changes across all industries if we are going to have any real impact.

Forbes has said that the best time to innovate is during times of crisis. Now is the time for businesses to break out of their comfort zones and find new solutions to meet the growing demands for goods and products. For us as business leaders, it is as much about being smart with the materials we use as it is reaching for the technologies of the future.

Companies need to think more widely about how they can reduce their emissions, beyond what their current goals pledge to achieve.

Companies are often focused on their gas and emissions levels, and this is understandable given the discussion around the impact they have on the environment. However, they should not only focus on direct emissions and energy use. Consideration must be given to the resourcing of products, their lifespan and the end of use processing of them.

Here, a crucial concept is to recognize the link between net zero emissions and net zero waste, a core part of our ethos at Agilyx. In short, what this means is rethinking how we create and use plastic products to scale up recycling from the 10% we see now, to 90% in the future.

The environmental difference between the use of virgin plastics and recycled plastics is substantial. In the case of Agilyx’s depolymerization technology, a recent life cycle analysis has shown a 75% CO2 emissions savings in comparison to the production of virgin raw materials and incineration.

Chemical recycling decreases the need to extract virgin resources from forests, oil reserves and mines to create new products and packaging. This in turn means that less energy is consumed in the manufacturing, transporting and packaging of products.

By treating plastic waste as the valuable commodity that it is and reusing it to make new, high-quality goods, we can not only stop it from littering our environment but save a huge amount of CO2emissions in the process. This action, as a part of a broader shift toward net zero emissions and combined with other creative solutions can help us build a more sustainable world.

Authored by

Tim Stedman, CEO Agilyx

Mr. Stedman has nearly 30 years of experience in the chemical industry covering plastics, elastomers and basic chemicals, such as olefins.  He has held positions in operations, sales and marketing, global supply chains, business leadership as well as strategy and corporate development.