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§ Public · Oslo, Oslo, Norway
Advanced recycling technology converts plastic waste into circular feedstocks, focusing on polystyrene and mixed plastics.
Agilyx is a Tigard, Oregon-based company that develops advanced chemical recycling technologies to convert mixed post-use plastics into high-value feedstocks and low-carbon fuels. Publicly listed on the Oslo Stock Exchange with a market capitalization of approximately USD 320 million, the firm currently operates with a global workforce of 50 to 100 employees. The business generates revenue through technology licensing, equipment sales, and project services, recently allocating a USD 260 million capital investment toward constructing new feedstock processing centers. Agilyx has established strategic joint ventures and partnerships with major petrochemical and engineering corporations, including ExxonMobil, LyondellBasell, and Technip Energies. Early financial backing was provided by Virgin Group, and the enterprise has since expanded internationally through agreements with entities like Kumho Petrochemical. The organization was originally founded under the name Plas2Fuel in 2004 by entrepreneur Kevin DeWhitt.
Agilyx has raised $57.0M across 3 funding rounds.
Agilyx has raised $57.0M in total across 3 funding rounds.
Agilyx is a technology company specializing in advanced chemical recycling solutions for plastic waste. Founded in 2004, it converts post-use plastics into high-quality feedstock and virgin-equivalent products through pyrolysis and depolymerization technologies, targeting the massive untapped market for plastics recycling estimated at $12-67 billion.[1][2][3] The company serves waste processors, recyclers, and manufacturers via an asset-light licensing model, generating revenue from technology licenses, royalties on processed volumes, and feedstock supply through joint ventures like Cyclyx (with ExxonMobil and LyondellBasell) and Plastyx.[1][4][5] It solves the global plastic waste crisis—where only 10% of plastics are recycled—by enabling circularity, reducing landfill use, and lowering reliance on virgin fossil-based materials, with strong growth from commercial validations in Japan and Europe.[3][4][5]
Agilyx was founded in 2004 in Longview, Washington, as Plas2Fuel, initially focused on developing Generation 1 pyrolysis technology that achieved an oil production breakthrough by 2006.[3] The idea emerged to tackle the pressing global plastic waste problem through innovative chemical recycling, evolving from fuel production to high-value materials like styrene monomer for polystyrene.[2][3] Key milestones include launching Cyclyx in 2021 as a joint venture with ExxonMobil for feedstock management, listing on Oslo's Merkur Market (now Euronext Growth) in 2020 and the main Oslo Stock Exchange in 2022 (ticker: AGLX; OTCQX: AGXXF), and partnering with Technip Energies for TruStyrenyx in 2022.[1][3][5] In 2025, it opened the Agilyx Research Center (ARC) for R&D and achieved on-spec production at Toyo Styrene's facility in Japan, marking commercial-scale polystyrene recycling.[3][4] This progression reflects a shift to scalable, data-driven solutions with over 16,000 hours of commercial operation and 22 patents.[2][6]
Agilyx rides the circular economy trend in plastics, where regulatory pressures (e.g., plastic bans, ESG mandates) and consumer demand drive recycling rates from today's 10% toward circularity, fueled by a $30bn+ market for advanced recycling.[2][5][7] Timing is ideal amid feedstock shortages and virgin plastic constraints, with Agilyx's tech enabling hard-to-recycle polystyrene (styrenics group) and mixed wastes that mechanical recycling can't handle.[1][4] Market forces like rising oil prices and Scope 3 emissions goals favor its lower-carbon model, replacing fossil feedstocks and cutting GHG emissions.[5] It influences the ecosystem by licensing to majors (e.g., Toyo Styrene, Technip), building supply chains via Cyclyx/Plastyx, and advancing AI-optimized logistics—accelerating industry-wide shift to chemical recycling over landfilling/incineration.[2][4][6]
Agilyx is poised for accelerated growth through its 2025 ARC R&D push, expanding Cyclyx/Plastyx capacities, and new licensing deals in Asia/Europe, targeting profitability via well-funded projects.[3][5][6] Trends like AI-enhanced waste profiling, stricter global recycling mandates, and corporate net-zero pledges will amplify demand for its feedstock-tech combo, potentially scaling to dozens of conversion plants.[1][2] Its influence may evolve from tech enabler to ecosystem orchestrator, partnering deeper with oil giants for closed-loop production—solidifying its role as a leader in turning plastic waste into a $67bn opportunity, much like its origin mission to mitigate a global crisis.[1][3][7]
Agilyx has raised $57.0M in total across 3 funding rounds.
Agilyx's investors include Tim Keating, Chrysalix Energy Venture Capital, Kleiner Perkins, Reference Capital, Saffron Hill Ventures, Total Energy Ventures, Waste Management, Brian Wawro, Total.
Agilyx has raised $57.0M across 3 funding rounds. Most recently, it raised $10.0M Series E in April 2014.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Apr 1, 2014 | $10M Series E | — | — | Announced |
| Dec 19, 2011 | $25M Series C | TIM Keating | Chrysalix Energy Venture Capital, Kleiner Perkins, Reference Capital, Saffron Hill Ventures, Total Energy Ventures, Waste Management | Announced |
| Apr 1, 2011 | $22M Series B | Kleiner Perkins | Brian Wawro, Total, Waste Management | Announced |