MOSCOW (MRC) -- Agilyx says it has raised about 300 million Norwegian krone (USD33 million) through a private placement implying a pre-money equity value for the company of Nkr1.3 billion (USD144 million), according to Chemweek.
The company, which is developing technologies for the chemical recycling of plastic waste, expects to have its shares admitted to the Merkur Market, a multilateral trading facility operated by the Oslo Stock Exchange, with trading to begin on or about 30 September.
The placement was about 10 times oversubscribed, excluding Nkr100 million in shares preallocated to cornerstone investors, says Agilyx, which intends to use the proceeds for project development and delivery, pipeline development and European expansion, R&D expansion, and development of Cyclyx International, a new feedstock management business.
As MRC reported earlier, Agilyx (Tigard, Oregon) and TechnipFMC said this summer they had agreed to collaborate exclusively on the joint development of a process to purify styrene oil into high-purity styrene. The collaboration is the result of over a year of evaluation, and the desire of both companies to expand their energy transition and circular economy offerings, Agilyx says. The aim is to “enable a new production path of styrene via post-use polystyrene (PS) products,” it says.
According to MRC's ScanPlast report, Russia's estimated consumption of PS and styrene plastics was 225,870 tonnes in the first half of 2020, down by 8% year on year. PS consumption in the Russian market increased by 2% year on year in June 2020, totalling 39,590 tonnes.