Portland, Oregon – March 31st, 2011 – Agilyx Corporation, (pronounced AJ-il-ix) announced today it has secured $22 million in Series B funding, 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 major Total S.A. (NYSE: TOT). Existing investors, Chrysalix Energy Venture Capital, Saffron Hill Ventures, and Reference Capital also participated in the round. Agilyx is the first company to economically convert difficult to recycle waste plastic into synthetic crude oil.
“This latest investment in Agilyx represents a significant milestone for our company,” said Chris Ulum, chief executive officer of Agilyx Corporation. “With these funds and strategic partners at our side, we are well positioned to help our customers and the communities in which they operate improve the diversion and recovery of waste plastics, and create new local sources of crude oil. By providing this alternative while the world’s insatiable appetite for oil continues, our solution can offset the use of fossil crude oil and create new cleantech jobs in the process.”
Agilyx’s fully permitted, patented waste plastic conversion technology recycles mixed waste plastic into synthetic crude oil in a scalable, versatile, and environmentally-beneficial manner. Its expertise is in its efficient, anaerobic thermal reclamation process and in the commercial application of this process, including building and operating commercial scale systems, and successfully marketing synthetic crude oil as a feedstock to existing petroleum refineries. The Company deploys its systems with companies engaged in the management of plastic waste streams.
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