Agilyx Corp. said Thursday it raised a $22 million Series B round led by Kleiner Perkins Caufield & Byers and joined by new strategic investors Waste Management, Inc. and Total Energy Ventures International, an affiliate of oil and gas company, Total S.A. Chrysalix Energy Venture Capital also participated. Agilyx converts waste plastic into synthetic crude oil.
Chrysalix Participates in Agilyx’s $22 Million Series B Round
Joins new investors, Kleiner Perkins, Waste Management & Total Energy Ventures
VANCOUVER, BC, March 31, 2011 – Today, Chrysalix Energy Venture Capital, the world’s most active cleantech venture capital firm in 2010, announced its participation in Agilyx Corporation’s $22 million Series B round led by Kleiner Perkins Caufield & Byers (KPCB), and joined by new strategic investors, Waste Management, Inc. (NYSE: WM) and Total Energy Ventures International, an affiliate of oil and gas company, Total S.A. (NYSE: TOT). This marks the Firm’s second investment into Agilyx and reinforces its support of the Company’s unique, economic solution to convert all forms of waste plastic into synthetic crude oil.
“We have continued to be strong supporters of Agilyx’s ‘clean’, economically-attractive solution to the world’s vast waste plastic problem, but in today’s world of escalating oil prices and growing instability in oil-producing regions, their distributed waste-to-energy system makes even more sense,” said Brian Wawro, Sr. VP of Investments at Chrysalix and Portfolio Manager for Agilyx. “With this funding and the new investor syndicate involved, Agilyx’ growth will be rapidly accelerated.”
Agilyx’s patented waste plastic conversion technology converts waste plastic of all types into synthetic crude oil in a scalable, versatile, and environmentally-beneficial manner. The Company is now rapidly rolling out its efficient conversion process in commercial applications, including building and operating commercial-scale systems, and is successfully marketing synthetic crude oil as a feedstock to large-scale petroleum refineries. The Company deploys its systems around the world with organizations engaged in the management of plastic waste streams who are demanding an alternative to land-filling or incineration.
About Chrysalix Energy Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The Firm provides early-stage financing, hands-on assistance, and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. In the past few years, the Firm has consistently ranked among the top most active clean energy technology venture capital firms in the world and in 2010, was listed as the most active cleantech VC by the Cleantech Group. The Chrysalix team has an exceptional track record in this emerging industry. Collectively, it has over 120 years of experience in the energy industry and over 120 years in the venture capital business. The Firm is backed by a strong group of international blue-chip industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total, Chr ysalix has approximately $300M in assets under management. For more information, please visit http://www.chrysalix.com.