London-based Econic Technologies, a company that develops catalysts and processes for the manufacture of polymers from Carbon Dioxide, announced on Tuesday that it has raised £10.4M (approximately €12.3M) in its second Series D round of funding.
The company closed its first Series D round in April, led by OGCI Climate Investments and Capricorn Sustainable Chemistry Fund.
CM Venture Capital Fund III, LP, GC Ventures Company Limited, and ING Sustainable Investments joined the second tranche.
Econic says that it will use the funds to support the commercialisation of its catalyst and process technology, which enables CO2 to be used in the production of polymers.
According to the investors, the company’s technology values environmental effects in serving markets and promoting carbon footprint reduction.
Yvette Go, Investment Director at Capricorn, says, “We led the investment in Econic at the first tranche, convinced that the company is at the cusp of breaking through commercially, coming from a strong technology base. What we have learned since then has further increased our confidence in the technology, the team and their ability to add value at scale and help reduce the carbon footprint to supply chains we know very well.”
Econic Technologies – everything you need to know
Founded in 2011 by Charlotte Williams, Econic Technologies was born from a vision of using catalyst chemistry to transform waste CO2 into beneficial economic and environmental potential.
The company utilises catalysts to incorporate waste CO2 as a feedstock for polymer preparation to reduce the dependency on pricey fossil fuels, allowing plastics producers to profit from scientific research while also benefiting the environment.
It is commonly recognised that CO2 is a greenhouse gas (GHG) that contributes to global warming. And capture and storage are thought of as waste products, as they are expensive for emitters. This is where Econic’s catalyst technology makes a difference.
The technology converts captured CO2 into usable raw material for use in the manufacturing of essential products, initially serving the polyurethane industry to make foams for insulation and mattresses, protective coatings, sealants, and adhesives.
Through Econic’s technology, customers can monetise CO2, reduce their carbon footprint, and satisfy soaring consumer demand for more sustainable products. In order to decrease reliance on oil, abundant CO2 can be used as a sustainable carbon source and as a substitute for raw materials that rely on oil.
The awareness of Econic’s tech is growing as the company recently announced major licensing deals with leading Chinese polyol and polyurethanes company Changhua Chemical Technology Company Ltd and Manali Petrochemicals Limited, the market leader and only integrated polyol producer in India.
Dr Min Zhou, Managing Partner at CM Venture Capital, says, “CO2 utilisation is critical in addressing climate change. With recent commercial agreements, we believe that Econic is at an inflexion point in the market and primed for growth. Econic clearly recognises the importance of Asia to its business and we believe that we can help with the globalisation of its commercial expansion.”
The company also recently announced novel CO2 surfactant development, supported by the UK government BEIS grant.