Econic closes its second multi-million pound funding round, catalyst technology enables CO2 to be used to produce polyurethane
Latest: Econic, a UK-based catalyst technology company, announced that its current fundraising campaign has been successfully completed with the completion of its second multi-million pound funding round.
Econic said the funding will be used to support the company’s commercialization of its catalysts and process technologies that enable carbon dioxide to be used to produce polymers.
The funding round follows the first in April of this year, which was led by OGCI Climate Investments and the Capricorn Sustainable Chemistry Fund. CM Venture Capital
Fund III, LP, GC Ventures Company Limited and ING Sustainable Investments B.V.
Join them in this second round of Series D funding round of £10.4 million ($12.45 million)
As a greenhouse gas, carbon dioxide is seen today as a waste product, and its capture and storage is a huge cost to emitters. Econic’s catalyst technology efficiently converts captured carbon dioxide into a usable feedstock, replacing crude oil as a sustainable carbon source and helping reduce dependence on petroleum. Originally serving the polyurethane industry – CO2 is now incorporated into the polyol composition – Econic’s technology allows customers to monetize CO2 while reducing their carbon footprint and meeting consumer demand for more sustainable products .
Keith, CEO of Econic
Wiggins said: “We are delighted to have the funds to commercialize our technology and thank our investors, both new and existing, for their support in closing this financing. With record heat and soaring oil prices, it’s a great welcome to Econic.
The time is right for Technologies. ”
Awareness of Econic technology is growing and business momentum is building, as evidenced by the recent announcement of two important transaction licenses: one with Changhua Chemical, a leading Chinese polyol and polyurethane producer, and the other It is a partnership with Manali Petrochemicals Ltd., the only integrated polyol producer in the Indian market.
However, the potential of Econic’s carbon-to-value conversion technology extends beyond the polyurethane market. The company also recently announced the development of new CO2 surfactants, supported by a grant from the UK Government Department for Business, Energy and Industrial Strategy.
Econic licenses and markets innovative catalysts and process technologies for the manufacture of carbon dioxide-containing polymers for everyday essentials. The use of carbon dioxide sustainably replaces traditional petroleum feedstocks and complements bio-based feedstocks, creating more cost-effective, better-performing end products. Econic is run by Charlotte, Imperial College London
Professor Williams was founded in 2011.