Beaverton, Oregon based waste plastics to crude oil specialist, Agilyx Corporation has secured $25 million in a new round of Series C funding.
According to the company its system processes all types of difficult to recycle waste plastic, including those with high levels of non-plastic contamination such food, water, metal, glass and turns it into high-value, synthetic crude oil.
The company also claimed to be the only company with a known refinery off-take agreement in place and crude oil shipments underway.
Earlier in the year, Agilyx secured a $22 Million Series B Round to accelerate growth and expand business operations. The company said that since then it has accomplished many key milestones - including closing $25 million in sales, tripling its workforce, and increasing its oil production and revenue.
Chris Ulum, CEO of Agilyx Corporation explained that this new round of financing will provide the company with working capital to fund marketing, business development, the deployment of new projects.
However, Ulum added that more importantly the new finance will allow the company to build a "war chest" to continue to scale its operations and for use when domestic and international expansion opportunities arise.
According to Agilyx its new partner and lead investor, Keating Capital spearheaded the financing, and was joined by existing investors Kleiner Perkins Caulfield & Byers, Saffron Hill Ventures, Waste Management, Total Energy Ventures International, an affiliate of Total S.A., Chrysalix Energy Venture Capital and Reference Capital.
Earlier this year, the company was a runner-up for the Wall Street Journal 2011 Innovation Award.
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