Tigard-based Agilyx Corp. landed $22 million in venture capital for its method of turning waste plastic into crude oil.
The Agilyx system produces oil at about $45 per barrel, much less than the current worldwide average of $110 per barrel.
Founded in 2004 when it was known as Plas2Fuel, 30-person Agilyx has developed a technology that efficiently melts waste plastics, turning it from a solid to a liquid and then to a gas that is condensed into a synthetic crude oil.
The company is credited with being the first to sell crude made from waste plastics to a commercial refinery.
Read more at Sustainable Business Oregon.