Econic Technologies Closes Second Funding Round With £10.4 Million
Econic Technologies, a carbon-to-value pioneer based in the UK, announced that the second multimillion-pound round of its current fundraising had ended successfully.
This round comes after the first close, which was led by the OGCI Climate Investments and Capricorn Sustainable Chemistry Fund in April of this year.
In this second round of Series D funding, CM Venture Capital Fund III, LP, GC Ventures Company Limited, and ING Sustainable Investments B.V. are also investing, bringing the total amount raised to £10.4m (US$12.45m).
The funding helps Econic Technologies bring its catalyst and process technology, which allows CO2 to be used to make polymers. Investors know that Econic's proprietary technology to serve markets that want to reduce their carbon footprint has a lot of value and a positive effect on the environment.
As a greenhouse gas (GHG), CO2 causes global warming. Econic's catalyst technology turns CO2 into useable raw material for making important products, initially servicing the polyurethane industry to create insulation and mattress foams, protective coatings, sealants, and adhesives.
CO2 is included in polyol, a $28 billion, 5%-yearly-growing market. Econic's game-changing technology allows customers to monetise CO2, reduce their carbon footprint, and meet consumer demand for sustainable products. A sustainable carbon source, abundant CO2 replaces oil-based raw materials to lessen oil dependence.
Awareness is growing, and commercial momentum is building for Econic’s technology. This is demonstrated by the recent announcement of two major licencing deals with leading Chinese polyol and polyurethane companies, Changhua Chemical Technology Company Ltd. and Manali Petrochemicals Limited, the market leader and only integrated polyol producer in India.
Beyond the polyurethane sector, the potential of Econic's carbon-to-value technology is significant. The company has reported the development of a novel CO2 surfactant sponsored by a grant from the UK government's BEIS.
Keith Wiggins, the CEO of Econic Technologies, said:
“It is an exciting time for Econic! We are delighted to have the funds to commercialise our technology and thank our existing and new investors for their support to complete this raise. With record high temperatures and soaring oil prices, the timing is right for Econic Technologies.”
Source: Econic Technologies