Agilyx Corporation, a startup commercializing a waste plastic to synthetic crude oil technology, has closed a $22 million Series B round led by Kleiner Perkins Caufield & Byers (KPCB), and joined by new strategic investors, Waste Management, Inc. and Total Energy Ventures International, an affiliate of oil and gas company, Total SA. Chrysalix Energy Venture Capital participated in the Series B as well, marking its second investment into Agilyx.
Agilyx’s patented waste plastic conversion technology—Anaerobic Thermal Reclamation (ATR), developed by Kevin DeWhitt, the founder and Chief Technology Officer of Agilyx—converts ground waste plastic into synthetic crude oil. The Agilyx base system consists of four primary vessels and the associated secondary processing equipment. This base system is capable of converting approximately 10 tons of plastic into approximately 60 barrels (or approximately 2,400 gallons) of oil per day.
There are no limitations to the plastic resin types the Agilyx system can process (all types, resins 1-7). The plastic can be co-mingled so that no sorting is necessary, and there is no need to clean the plastic of any contaminants prior to processing.
Processing capacity can be scaled in increments of 10 tons per day by combining multiple base systems together. One common exhaust system manages the hot air produced by all of the processing units, while one Environmental Control Device scrubs all of the noncondensable gases.
The basic product is primarily ultra-sweet, synthetic crude oil, which can subsequently be refined either onsite via standard microrefinery technology or at existing refineries. Other valuable ancillary petroleum products may be produced as well.