Green investments: Agilyx takes 44% stake valued at EUR52 mn in GreenDot; Mitsubishi Chemical invests in Australian recycler Licella

Norway’s Agilyx ASA has entered into a binding and fully financed agreement to acquire 44% of GreenDot Global S.à r.l. This transformative investment significantly strengthens Agilyx’s presence in the European market, creating a global platform for sourcing and supplying feedstock to the advanced recycling industry.

GreenDot is the circular plastic recycling platform in Europe and the third-largest recycling company in Germany. Licensed across 29 countries, it is said to be the most recognised recycling brand in Europe. GreenDot processes more than 1 million tonnes/year of packaging waste, including over 400,000 tonnes of plastic.

The company is expanding its advanced recycling feedstock supply capabilities by investing in sorting facilities in Austria and Italy. For 2025, GreenDot’s operations are expected to generate approximately EUR400 million in total sales and double-digit EBITDA.

Laurent Auguste: CEO of GreenDot commented: “We very much welcome Agilyx as a new GreenDot shareholder. Agilyx’s investment and the business synergies we will develop between two market leaders across the Atlantic will strengthen our ability to act as a preferred partner of brands and actors in the plastic packaging value chain. The new capital injection will support expansion of facilities in Germany, Austria, and Italy and is additional evidence of GreenDot’s commitment to scaling the circular economy of plastic in Europe.”

The transaction values GreenDot at a post-money enterprise value of EUR197 million. Agilyx will acquire its 44% stake for a total consideration of EUR52 million consisting of approximately EUR32 million in newly issued Agilyx shares, priced at the 30-day-volume-weighted average price (VWAP) of 25.76 NOK per share, and approximately EUR20 million in cash in a combination of primary and secondary share purchases. The consideration shares will be subject to a lock-up period until 10 January 2026 followed by a 90-day window during which sales by the sellers will be capped at 20% of the prior 30-day average daily trading volume.

The transaction is fully financed by certain existing investors through a EUR20 million subordinated loan facility. The loan facility will rank subordinated to Agilyx’s outstanding bonds issued under “Agilyx ASA 13.50% senior secured USD 50,000,000 bonds 2024/2027” and is subject to a subordinated loan agreement to be entered into with the bond trustee, as set out in the bond terms.

The transaction is expected to close in late Q3 2025, subject to customary conditions including, inter alia: regulatory approval under German foreign direct investment laws, lender consent for change of control at GreenDot, and Agilyx shareholder approval for the issuance of the Consideration Shares at an Extraordinary General Meeting (EGM), for which sufficient voting undertakings have been received.

In other news, Diamond Edge Ventures, the corporate venture arm of Mitsubishi Chemical Group (MCG Group), announced its investment in Licella Holdings, an Australian company focused on advanced recycling and renewable fuels. The funding will help accelerate Licella’s global expansion and commercial deployment of its proprietary Catalytic Hydrothermal Reactor (Cat-HTR) technology. Terms were not disclosed.

Licella's process is said to be an innovative technology that converts waste plastics and biomass into oil in supercritical water under high temperature and high pressure, which is then refined to produce chemical feedstocks and sustainable aviation fuel (SAF). Mitsubishi Chemical Corporation (MCC) is involved in the plastic-to-oil conversion business together with Eneos Corporation, and recently constructed a new chemical recycling facility at MCC’s Ibaraki Plant (Kamisu City, Ibaraki Prefecture).

The Hydro-PRT technology of UK-based Mura Technology, which was adopted for this facility, is based on Licella's Cat-HTR technology.

Licella's process is characterised by its ability to convert not only plastics but also biomass into oil, and as announced by MCC in March, it is envisioned that Licella's technology will be used to produce SAF, bionaphtha, renewable diesel, and other products from woody residue.

Also, MCG Group is now studying ways to diversify its raw materials with a view to increasing the scale of its chemical recycling facilities in the future. With this investment, the group says it will “deepen its collaboration with Licella, aiming for the social implementation of oil conversion technology using waste plastics and biomass as feedstock and expansion of the business”.

Dr. Humphreys, Co-Founder/CEO of Licella, said: “We are proud to partner with Diamond Edge Ventures and Mitsubishi Chemical Group at this important moment for Licella. Their funding and strategic support validate the commercial readiness of our Cat-HTR platform and its unique ability to deliver scalable, low-carbon solutions for hard-to-recycle plastics and biomass residues. Together, we aim to accelerate the shift to fossil-replacement solutions that contribute to MCG’s vision for a greener, more sustainable chemical industry.”

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