Plastic2Oil Inc (PTOI)

[Justice37]

Re: Agilyx has just closed its $22 million Series B led by KPCB. In all, the company has raised $28.7 million from investors including Total, WM Inc., Saffron Hill Ventures and Chrysalix Energy Venture Capital.

...he expects to lower costs to the high $30s to low $40s without any government incentives.

I am pleased that Agilyx has investors, I think it has to be pointed out that that it has taken many years for the company to get the current investment, they sold their first plastic made oil in March 2009, before the JBI table top processor was made and it`s taken this long to attract any real major investment. Green Envirotech and SynCrude have provided nothing.

Agilyx has been around since 1996 and in Oregon since 2002. They were a plastic recycler called Agri-Plas until they changed there name in 2009. Even though they feel they can lower the cost per barrel without government incentives, they certainly have been supported in the past, not huge amounts but they have had significant tax support:

In 2007-08, federal money from CDFI
http://www.sbpac.com/bins/site/templates/subtemplate.asp?_resolutionfile=templatespath|subtemplate.asp&area_2=Story%20Cat%20Pages/Ecological%20Resilience&norelay_place=here&objectid=C14925290&articletitle=Recycling+Gardening+Waste&norelay_ai=CD253AF17D5247EBB849473D72C06280&norelay_reset=false&NC=6714X
http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=9

$100,000 grant from the governor's strategic reserve fund in 2006.
http://www.highbeam.com/doc/1G1-152705127.html

$75,000 grant from the Oregon Department of Environmental Quality in 2006 and tax credits which JBI will be able to access in New York State.

Since the Reclaimed Plastics Tax Credit - which rewarded companies for using recycled plastics in new products - sunset in 2001, no tax credit exists for recycling plastics, outside of the 35 percent Material Recovery Facilities tax credit for buying and installing equipment used solely to recover waste material.

http://www.oan.org/displaycommon.cfm?an=1&subarticlenbr=28

Further requests made in 2009

“The state of Oregon has been a key player in helping us bring this process to market,” said Mary Sue Gilliland,
Agri-Plas vice president operations and business development. “We hope that with financial assistance from the Oregon Business Energy Tax Credit (BETC) we will be able to jumpstart construction of a new facility that will allow the company to increase crude oil production.”

The state of Oregon has made it a top priority to recruit and foster the growth of sustainability-oriented businesses through a variety of financial mechanisms such as BETC, which covers up to 50 percent of a qualifying project’s applicable costs.

http://www.septicert.org/bins/site/content/documents/news/customer/59l-03-16-09%20Oregon-Based%20Plastics%20Recycler%20First%20in%20Nation%20to%20Reclaim%20Synthetic%20Crude%20Oil%20from%20Unwanted%20Plastic%2C%20031609.pdf?_resolutionfile=contentpath|documents/news/customer/59l-03-16-09%20Oregon-Based%20Plastics%20Recycler%20First%20in%20Nation%20to%20Reclaim%20Synthetic%20Crude%20Oil%20from%20Unwanted%20Plastic,%20031609.pdf