Tigard, Ore.-based Agilyx Corp., formerly known as Plas2Fuel Corp., has raised approximately $8.5 million to date and is currently seeking Series B funding of up to $10 million.

As this week’s Pitch o’ the Week company, Agilyx has already raised $2.1 million in convertible debt. Existing investors in the company include Chrysalix Energy Venture Capital, Saffron Hill Ventures, and Reference Capital.

Agilyx CEO Chris Ulum told the Cleantech Group the private alternative energy company uses what it says is proven, commercially viable modular technology to convert difficult-to-recycle waste plastics, which typically end up in landfills, into synthetic crude oil and other valuable petrochemical products through a process that is scalable, versatile and environmentally friendly.

The company has been manufacturing and selling synthetic crude oil for about two years, deploying its first commercial system in 2008 in Tigard. The facility has a capacity of around 20,000 pounds per day of waste plastic, or the equivalent of about 55 barrels per day of oil, Ulum said.

Agilyx uses its patent pending process to “decompose” plastics back into hydrocarbons while separating undesirable organics (chlorine, bromine, etc.) entrained in the plastic, using what is known as “a continuous batch process.”

Its target markets include larger producers and/or recyclers of waste plastic, such as in the post-industrial market segment; material recovery facilities, transfer stations and landfills, such as in the post-consumer market; and specialty petrochemical processors.

The market opportunity: The U.S. and Europe landfill 26 million tons and 73 million tons of plastic each year, respectively. The waste could potentially be converted into 24.5 billion gallons of petroleum products using Agilyx’s technologies. The company seems to be one of only a few credible players in the market capable of converting waste plastic to fuel at commercial scale.

Agilyx is also one of a number of companies to be featured in an upcoming research report from the Cleantech Group on waste-to-fuel technologies.

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