Agilyx Corporation has secured a new round of Series C funding worth $25 million, led by new investor Keating Capital and joined by existing investors Kleiner Perkins Caulfield & Byers, Saffron Hill Ventures, Waste Management, Total Energy Ventures International, an affiliate of Total S.A., Chrysalix Energy Venture Capital and Reference Capital. Agilyx economically converts difficult to recycle waste plastic into synthetic crude oil. (Earlier post.)
Agilyx’s Anaerobic Thermal Reclamation (ATR) technology, developed by Kevin DeWhitt, the founder and Chief Technology Officer of Agilyx, converts ground waste plastic into ultra-sweet, synthetic crude oil, which can subsequently be refined either onsite via standard micro-refinery technology or at existing refineries. Other valuable ancillary petroleum products may be produced as well.
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. Although yield is dependent on the waste plastic feedstock, the system yields an average of one gallon of synthetic crude from 8.5-10 pounds of plastic.
Agilyx says it is also the only company with a known refinery off-take agreement in place and crude oil shipments underway.
Earlier in the year, Agilyx secured a $22-million Series B round to accelerate growth and expand business operations. Since then, the Oregon-based company has hit a number of milestones—including closing $25 million in sales, tripling its workforce, and increasing its oil production and revenue.