This week’s Pitch o’ the Week company, Climax Global Energy, is a presenting company in the Entrepreneur Showcase at the Cleantech Group’s New York Forum, going on through today. The Entrepreneur Showcase provides capital-seeking cleantech innovators with 10 minutes to pitch top cleantech investors, financiers and corporate buyers.
The Fairfax, S.C.-based company coverts landfill-bound plastics into high value synthetic oil for the clean diesel, syn-lube and wax markets with its patented microwave-assisted pyrolysis process. There is about a $5 billion to $6 billion lube market opportunity in the United States alone, and a $3 billion wax market, according to CEO John Griffith.
Its pyrolysis process essentially cuts plastics (which are long chain polymers) into shorter chain polymers to make synthetic oil. Pyrolysis is a process in which a substance is heated in the absence of oxygen and typically occurs under pressure and at operating temperatures of more than 430°C (800°F), although Climax’s process runs near atmospheric pressure.
The company has a commercial-scale prototype in South Carolina with a 3-ton/day capacity, with plans to start construction of its next reactor train this year at the same location. Additional locations are to follow in South Carolina, New Jersey and other states.
The modular design of Climax’s reactors allows the company to build its initial facilities without having to raise substantial amounts of capital.
The company is currently seeking a Series B round of $8 million to fund 20 tons per day capacity and operations through 2011. The company is expecting initial revenue in the first half of 2011.
Climax Global Energy was also recently featured in a subscription-based research report available to Cleantech Group members: Plastic trash to cash: Growing waste-to-fuel and energy opportunities.
Every week, the Cleantech Group profiles a new innovative cleantech company seeking funding. Additional information about emerging companies is privileged for members of the Cleantech Network. Not yet a member? Contact us.
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