Agilyx Corporation, a Beaverton, Oregon-based alternative energy company, has raised $25m in Series C funding.
The round was led by pre-IPO investment fund Keating Capital, which made a $4m investment, with participation from existing investors Kleiner Perkins Caufield & Byers, Saffron Hill Ventures, Chrysalix Energy Venture Capital, Waste Management, Total Energy Ventures International (an affiliate of Total S.A.) and Reference Capital.
Founded in 2004 by Founder and CTO Kevin DeWhitt and led by CEO Chris Ulum, Agilyx aims to economically convert difficult-to-recycle waste plastics into high value synthetic oil. Its patent-protected, proprietary 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 energy contained within waste plastic.
In 2010, the company opened a demonstration facility in Tigard, Oregon, capable of processing and converting 10 tons of plastic waste into approximately 55 barrels of oil (~2,300 gallons) per day.