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.”…