Econic Technologies, the British catalyst technology company, has announced its latest round of fundraising has raised £7million.
The money will be used to develop the company’s pioneering catalyst technologies, which unlock the positive potential of waste CO2 by allowing it to be incorporated as a feedstock, enhancing margins and reducing the reliance on fossil fuels.
By 2027, Econic wants 30 per cent of all polyol production to take place using their catalyst technologies, which could save 3.5 million tonnes of CO2 emissions each year, the equivalent to taking two million cars off the road.
Alongside funds from existing shareholders, IP Group and Woodford Investment Management, this latest investment brings backing from OGCI Climate Investments, the one billion-dollar investment fund created by the Oil and Gas Climate Initiative (OGCI).
Working with OGCI Climate Investments allows Econic to access a network of oil and gas experts, opening the door to future opportunities for the global market.
“This latest round of funding will help drive Econic Technologies’ continuing growth, and enable us to transform more waste CO2 into powerful economic and product performance advantages while reducing environmental impact,” explained Rowena Sellens, CEO of Econic Technologies.
“As the catalysts move from our labs to our customer’s factory floor, the funding will be vital to ensure that manufacturers around the world are able to benefit from our pioneering technologies. We are delighted that our investors are prepared to give us the flexibility to bring one or two strategic investors on board and benefit from the additional expertise they can offer at this exciting stage.”
Kelsey Lynn Skinner at IP Group, said: “Econic continues to make strong progress with its transformational catalyst technologies and we are pleased to continue to play a pivotal role in helping the company to realise this potential.”
Pratima Rangarajan, CEO of OGCI Climate Investments, added: “We believe that CO2 utilisation in products is an important pathway to capture carbon, resulting in a more sustainable future. Econic Technologies’ catalyst is a step in the right direction and we look forward to supporting them as they grow.”