Agilyx Corp. said it raised $25 million in a Series C round led by Keating Capital and joined by existing investors Kleiner Perkins Caulfield & Byers, Saffron Hill Ventures, Waste Management, Total Energy Ventures International, Chrysalix Energy Venture Capital and Reference Capital. Agilyx of Beaverton, Oregon., is working on a process to convert waste plastic into synthetic crude oil.
Agilyx Obtains $25 Million Series C Financing
New investment led by Keating Capital
Beaverton, Oregon – December 19th, 2011 – Agilyx Corporation announced today it has secured a new round of Series C funding worth $25 million, spearheaded by new lead 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 is the first company to economically convert difficult to recycle waste plastic into synthetic crude oil.
The Agilyx system processes all types of waste plastic, including those with high levels of non-plastic contamination (food, water, metal, glass), turning it into high-value, synthetic crude oil. They are also the only company with a known refinery off-take agreement in place and crude oil shipments underway.
“This represents another major achievement for Agilyx,” said Chris Ulum, CEO of Agilyx Corporation. “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. 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.”
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 accomplished many key milestones – including closing $25 million in sales, tripling their workforce, and increasing their oil production and revenue.
Agilyx’s success since the Series B Funding helped them achieve accolades such as being named to the GoingGreen Global 200 list and Cleantech Global 100. Earlier this year, Agilyx was also a runner-up for the Wall Street Journal 2011 Innovation Award.
About Agilyx Corporation
Agilyx is an alternative energy company – the first in the world to economically convert difficult-to-recycle waste plastics into crude oil through a patented system that is scalable, versatile, and environmentally beneficial. Applying its proprietary technology, Agilyx reduces plastic waste normally destined for landfills, produces refinery-ready crude oil, and creates community and local jobs with its small-scale, distributed waste management and energy production approach. The company’s affordable, modular systems are sold to industrial and municipal waste plastic generators and aggregators looking to reduce disposal-related costs and increase plastics-associated revenues – all while meeting challenging environmental standards, curbing the need for new landfills, and extracting the often-unused and untapped energy contained within waste plastic. Agilyx has the only known refinery offtake agreement in the industry and currently ships crude oil from its showcase facility in Tigard, Oregon to a refinery in the U.S. Pacific Northwest. For more information, please visit http://www.agilyx.com.