Agilyx lands $25 million in Series C round of funding
Beaverton, Ore.-based waste plastic-to-synthetic crude oil producer Agilyx Corp. has secured $25 million in a Series C round of funding led by new lead investor Keating Capital and joined by existing investors Kleiner Perkins Caulfield & Byers; Saffron Hill Ventures; Waste Management Inc.; Total Energy Ventures International, an affiliate of Total S.A.; Chrysalix Energy Venture Capital and Reference Capital.
“This new round of financing will provide us with working capital to fund marketing, business development, the deployment of new projects, but more importantly, allow us to build a war chest to continue to scale our operations and to use when domestic and international expansion opportunities arise,” stated Agilyx CEO Chris Ulum. “With new partner Keating Capital on board, we continue to address key issues like our insatiable need for oil and the incessant growth of landfills with our solution of turning difficult-to-recycle plastics to synthetic crude oil.”
Agilyx uses a unique patented, fully permitted process that converts all types of waste plastic, including those with high levels of non-plastic contamination, such as food, water, metal and glass, into synthetic crude oil via an efficient anaerobic thermal reclamation process. The company’s base system consists of four primary vessels and secondary processing equipment that’s capable of converting approximately 10 tons of plastic into approximately 60 barrels (approximately 2,400 gallons) of synthetic crude oil per day out of its “showcase facility” in Tigard, Ore., which gets shipped to an undisclosed refinery located in the Pacific Northwest for further refining into fuels and chemicals.
Prior to locking in the Series C round, Agilyx secured $22 million in a Series B round led by Kleiner Perkins and then new strategic investors, Waste Management and Total Energy Ventures International to accelerate growth and expand its business operations. Since then, the company has accomplished several key milestones, including closing $25 million in sales, tripling its workforce and increasing oil production and revenue.
Agilyx’s ongoing success since the Series B funding round helped it to also achieve accolades such as being named to the GoingGreen Global 200 list and Cleantech Global 100. Earlier this year, Agilyx was also runner-up for the Wall Street Journal 2011 Innovation Award.