Plastic2Oil Inc (PTOI)

[scion]

Waste Management and Agilyx Announce Strategic Investment

http://tinyurl.com/6nhynkg

Waste Management joins Kleiner Perkins Caufield Perkins and Total Energy Ventures

FOR MORE INFORMATION
Media
Waste Management
Wes Muir
713.328.7053
[e-mail]
Agilyx
Sarah Quon
Magnolia Communications
[phone]
[e-mail]

HOUSTON and PORTLAND - March 31, 2011 - Waste Management, Inc. (NYSE: WM) and Agilyx Corporation, today announced a strategic investment by Waste Management in Agilyx as part of Agilyx’s new financing round.

The closing of this new round of financing which generated $22 million comes from Kleiner Perkins Caufield & Byers (KPCB ) and Total Energy Ventures, International, an affiliate of oil and gas major Total S.A. (NYSE: TOT). Existing investors, Chrysalix Energy Venture Capital, Saffron Hill Ventures, and Reference Capital also participated in the round. Agilyx is the first company to economically convert difficult-to-recycle waste plastic into high quality synthetic crude oil.

Agilyx’s fully-permitted, patented waste plastic conversion technology recycles mixed waste plastic into synthetic crude oil in a scalable, versatile, and environmentally-beneficial manner. Its expertise is in its efficient, anaerobic thermal reclamation process and in the commercial application of this process, including building and operating commercial-scale systems, and successfully marketing synthetic crude oil as a feedstock to existing petroleum refineries. The Company deploys its systems with companies engaged in the management of plastic waste streams.
“This latest investment in Agilyx represents a significant milestone for our company,” said Chris Ulum, chief executive officer of Agilyx Corporation. “With these funds and strategic partners at our side, we are well positioned to help our customers and the communities in which they operate improve the diversion and recovery of waste plastics, and create new local sources of crude oil. By providing this alternative while the world’s insatiable appetite for oil continues, our solution can offset the use of fossil crude oil and create new cleantech jobs in the process.”

“Waste Management wants to maximize the value of the materials it manages”, said Tim Cesarek, managing director of Organic Growth at Waste Management. “Agilix’s technology complements Waste Management’s advancement of thermal chemical conversion technology platforms and provides us with a viable option for processing contaminated and hard to recycle plastic resins and creating a high value commodity.”

Agilyx’s facility near Portland, Oregon is the largest commercially operational waste plastic to synthetic crude oil facility in North America. The Company was the first of its kind to successfully permit in the U.S. and has the first refinery off take agreement in the industry.

http://tinyurl.com/6nhynkg