Econic met with Bill Gates and UK Prime Minister Rishi Sunak this week to discuss our ground-breaking CO2 utilisation technology.

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London, 15^th February 2023 – Imperial College hosted the event, which launched the Cleantech for UK coalition. Econic were invited to participate to showcase examples of UK cleantech innovation. We exhibited our technology alongside other innovators including hydrogen storage technology company H2GO and agrochemical innovators Crop Intellect. Our CEO Keith Wiggins attended the event along with co-founder Dr Mike Kember and Surfactants Lead, Dr Anthea Blackburn.

Cleantech for UK’s founding members include, alongside others, Imperial College London’s cleantech accelerator Undaunted and Breakthrough Energy, an organization founded by Bill Gates to accelerate the clean energy transition and scale the technologies needed to build a net-zero economy.

Bill attended the event and said: “The UK has all the ingredients to become a major player in the global push to build a net-zero emissions future. It’s great to see cleantech business, innovators and policy makers coming together to advance UK climate leadership.”

Econic is here to redefine the make-up of essential products, for good. Our technology can transform using renewable carbon, the sustainability profile of hundreds of polyurethane products, including car seats, mattresses, shoes, electronics, insulation and more.  Recently, we have begun to demonstrate the technology further, to produce CO₂ based surfactants for a range of ubiquitous consumer goods, like cleaning and personal care products.

The PM said: “Investing in renewables and clean tech is one of the best ways to strengthen our energy security, create better paid jobs and grow the economy.”

Econic’s technology embodies this: not only does it make valuable use of waste CO₂, but that CO₂ replaces expensive, fossil fuel-based feedstocks, compounding the environmental benefit with an economic advantage. Econic’s commercial trajectory is accelerating and in the last twelve months our team has expanded by a third, to keep up with the growth.

Our CEO, Keith Wiggins, said about the event: “It was a privilege to be able to present Econic to Bill Gates and the PM. Proud of our company’s Imperial heritage we are pleased to support the formation of Cleantech for UK to help create the next generation of global cleantech champions in the UK”

It was great to be part of an event highlighting innovative technology for tackling climate change, and to see more focus supporting further innovation in the future.

You can read more about the event here.

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Author, Anthea Blackburn

Exceptional Innovators with the Determination and Technologies to Race to Net-Zero

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12^th January 2023 – Econic Technologies a catalyst company pioneering renewable carbon usage, has been named on Cleantech Group’s 2023 Global Cleantech 100.  The Global Cleantech 100 is an annual list of the most innovative and promising companies that will take us from commitments to actions in our efforts to reach net-zero. Econic previously made the list in 2019 and is happy to announce that the panel has seen fit to appoint us for a second time.

The Selection Process

The total number of nominations from the public, Cleantech Group’s expert panel, i3 research portal, awards, and Cleantech Group staff totalled 15,753 from over 93 countries. These companies were weighted and scored to create a short list of 330 companies that were reviewed by the 81 members of an expert panel.  The Global Cleantech 100 Expert Panel is made up of leading investors, corporate and industrial executives who are active in technology and innovation scouting. 

The Global Cleantech 100 program has been running since 2009.

This highly anticipated annual report brings you the complete list of companies with the most promising ideas in cleantech – the ones best positioned to help us build a more digitized, de-carbonized and resource-efficient industrial future. Download the Global Cleantech 100 complimentary report. 

“This Global Cleantech 100 edition is remarkable for the number of businesses in it who represent solutions for some of the hardest of decarbonization challenges and those who are working on some of the critical materials issues coming our way, real soon,” said Richard Youngman, CEO, Cleantech Group.  “We salute not only these 100 companies, but all the thousands beyond, who are fighting the good fight.”  

Keith Wiggins, CEO, Econic Technologies said “It’s a great honour to be nominated for a second time, alongside other such pioneering companies. Econic is looking to lead the charge in transforming captured CO₂ into valuable products. Right now we are focused on polyols for polyurethanes. You can find polyurethane products all around you; the foam in your mattress, in your car, components of your electronics. Next year will see two of our partners begin full scale production using our process, with further developments in the pipeline. We are excited to see where the technology can be taken and to bring to fruition the real opportunity we have to make a sizeable change to CO₂ emissions.”

The Global Cleantech 100 companies are delivering sustainable solutions in these six sectors:

Agriculture & Food
Enabling Technologies
Energy & Power
Materials & Chemicals
Resources & Environment
Transportation & Logistics

These featured companies will be recognized at the upcoming Cleantech Forum North America on January 23-25 in Palm Springs, CA.  Attendees will have the opportunity to connect with many of the companies on the list, along with many other rising stars.

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About Cleantech Group

Cleantech^® Group provides research, consulting and events to catalyze opportunities for sustainable growth powered by innovation. At every stage from initial strategy to final deals, we bring corporate change makers, investors, governments and stakeholders from across the ecosystem the access and customized support they need to thrive in a more digitized, de-carbonized and resource-efficient future.

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Please get in touch for more information, or to find out how we can help turn waste CO₂ into added value for your business.

Author, Anthea Blackburn

This year was the 64^th Technical Conference for the Centre for the Polyurethanes Industry (CPI). Taking place annually, this is a key fixture for North American polyurethane manufacturers, suppliers and innovators. This year it was held in National Harbor, at the Gaylord Convention Centre and several members of the Econic team attended.

Following the disruption due to the COVID-19 pandemic, industry leaders clearly welcomed the return to normality: meeting face-to-face and discussing the key trends within their sector. Polyurethanes are found in a range of every day products including mattresses, vehicles, footwear, textiles and building insulation materials. Manufacturers operating across these segments convened at the conference to collaborate on the latest industry changes and innovative developments.

Sustainability was a hot topic with several conference sessions covering different aspects, including recyclability, bio-based feedstocks and sustainable design initiatives. The EU regulatory bodies remain a driving force in the circular economy initiatives, as discussed in presentations from EUROPUR. The regulations will drive manufacturers to consider the end-of-life strategy for their products. Evoco presented their bio-based chemistry for footwear applications, showing the promising performance results and biodegradability at end of life.

Recycling schemes were also discussed and it is clear that significant barriers remain with respect to infrastructure for collection, separation of disparate materials and decisions between chemical and mechanical recycling processes. Evonik presented their hydrolysis-based chemical recycling process for PU foams, which has reached pilot scale.

Econic’s unique technology that transforms captured, waste CO₂ into useful products is currently being used to manufacture polyols for use in polyurethane foams. These foams traditionally utilize fossil-fuel based ingredients and a range of potentially hazardous additives. What is undeniably clear from the sessions at CPI is that a range of technologies must be adopted to transform the PU supply chain into a circular economy framework. The enthusiasm for the topic at this year’s event demonstrates an appetite for change. Econic is ready to help the industry transform.

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Get in touch to find out how we can help turn waste CO₂ into added value for your business.

Author, Anthea Blackburn

The carbon-to-value pioneer welcomes new and existing investors through its £10.4m second close.

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London, 09^th August 2022 – Econic Technologies, the UK based deep tech carbon-to-value pioneer, has today announced the successful completion of its current fundraise with the close of the second multimillion pound round. This latest round follows the first close in April of this year, which was led by OGCI Climate Investments (“OGCI CI”) and Capricorn Sustainable Chemistry Fund (“Capricorn”). Joining them in this Series D second tranche are CM Venture Capital Fund III, LP (“CM Venture Capital”), GC Ventures Company Limited (“GC Ventures”) and ING Sustainable Investments B.V. (“ING”) for total raise of £10.4m (US$12.45m).

The funding will support Econic Technologies through the commercialisation of its catalyst and process technology, which enables CO₂ to be used in the production of polymers. The investors recognise the strong value and sustainability impact of Econic’s proprietary technology to serve markets driving to lower their carbon footprint.

CO₂’s impact on global warming as a greenhouse gas (GHG) is well known. Regarded as a waste product today, capture and storage is a significant cost to emitters. Econic’s catalyst technology efficiently converts captured CO₂ into a 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. The CO₂ is incorporated into the polyol component, valued globally at $28bn growing at 5% pa. Econic’s game-changing technology allows customers to monetise CO₂, while lowering their carbon footprint and to meet booming consumer demand for more sustainable products. Abundantly available CO₂ replaces oil-based raw materials as a sustainable carbon source to help reduce dependence on oil.

Awareness is growing and commercial momentum is building for Econic’s technology, demonstrated by the recent announcement of two 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.

The potential of Econic’s carbon-to-value technology goes beyond the polyurethane market. The company recently announced novel CO₂ surfactant development, supported by the UK government BEIS grant. 

Keith Wiggins, CEO, 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.” 

Yvette Go, Investment Director, Capricorn, said: “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. We are pleased to step up our commitment to Econic in line with that confidence.”

Mark Weustink, Head of Sustainable Investments, ING, said: “We are excited to invest in Econic, thereby supporting its business model of making advanced and more sustainable plastics, foams and detergents using CO₂ as a feedstock material. Together with our investment partners we share a good mix of complementary industry and geographical knowledge and by leveraging ING’s global network and expertise, we believe that we can further accelerate the company’s growth.”

Dr. Min Zhou, Managing Partner, CM Venture Capital, said: “CO₂ utilization is critical in addressing climate change. We have been following Econic’s path to market for some time. 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.”

Kamel Ramdani, GC CTO and MD, GC Ventures, said: “As PTTGC businesses drive to reduce their carbon footprint, Econic’s technology shows significant potential in helping us adopt CO₂ as a sustainable feedstock. We are excited to work with Econic as an investor but also as an industrial partner to help commercialise and industrialise their technology.”

Matthew Harwood, Chief Strategy Officer at OGCI Climate Investments, said: “At OGCI CI, we have been a long-term investor and supporter of Econic. We are delighted that other leading Climate-tech funds are joining us in that story, and we look forward to working with them to build on this year’s commercial successes.”

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Author, Anthea Blackburn

The agreement with Manali Petrochemicals Limited will see the Indian market leader retrofit an existing production facility to commercialise Econic’s carbon-to-value technology.

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London, 19 July 2022 – Econic Technologies, the UK’s deep-tech carbon-to-value pioneer, has today announced the finalisation of a Joint Development and Technology Transfer Agreement with Manali Petrochemicals Limited (MPL), the market leader and only integrated polyol producer in India.

The signing of the legal agreement sets the next stage of the Econic-MPL partnership to scale up and manufacture CO₂ containing polyols initially in Manali’s demo scale facilities, followed by retrofit of Manali’s 12,000+ industrial scale reactors with Econic’s proprietary process. Both companies are aligned to drive the commercialisation of CO₂ containing polyols for use in essential polyurethane products to meet consumer demand.

The agreement consolidates the Memorandum of Understanding the two organisations entered into last year and represents a significant step in the global scale-up of Econic Technologies and its catalyst and process technology. It also reflects the Indian market-leader’s vote of confidence in Econic in the company’s ground-breaking technology. The future reaching long-term partnership is of strategic importance for both companies and presents important opportunities to respond to customer demand for sustainable options of CO₂ containing products.

Keith Wiggins, CEO of Econic Technologies, said of the new agreement:“We appreciate this next development in our partnership with MPL and the opportunity to work with them as a pioneering licensee of Econic’s technology in one of the biggest and fastest growing geographies. There is undeniable momentum for solutions that meet consumer demand for more sustainable products made using waste CO₂, and we’re delighted to be leading the way together in this area.”

Ashwin Mutiah, Chair of AM International, Manali’s parent company said: “Science and innovation will play a key role in ensuring that our manufacturing plants implement eco-friendly and cost-efficient technology. MPL’s partnership with Econic Technologies brings significant R&D-led improvements to the production process. Alongside delivering a greener product to our customers, it reaffirms our ESG commitment towards a carbon neutral planet.”

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Please get in touch for more information, or to find out how we can help turn waste CO₂ into added value for your business.

Author, Anthea Blackburn

Econic Technologies is scaling its pioneering deep-tech carbon-to-value technology with partnership in the industry’s most important market.

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9^th June 2022 – Econic Technologies, the deep-tech carbon-to-value pioneer, has today announced a ground-breaking partnership with leading independent Chinese polyol and polyurethanes company Changhua Chemical Technology Company Ltd, part of Jiangsu Changshun Group. The partnership was marked in a ceremonial signing on 8th June attended by the Mayor of Jiangsu province, where Changhua is based.

This multi-year partnership is born from both companies’ shared values – namely, the creation of a market for CO₂ products, in line with the global drive to achieve net zero and to meet increasing consumer demand for more sustainable products. By replacing oil raw materials with waste CO₂ in essential polyurethane products, both companies will sustainably grow the market. The collaboration is an important step in the emerging carbon-to-value sector.   

The agreement involves both parties collaborating to develop CO₂-based polyurethane products to be manufactured in China and sold under license in China and worldwide. It will involve Changhua building the first dedicated production plants for these products to serve the growing demand for sustainable products. Both companies are aligned to make a serious contribution to carbon reduction and to drive the sustainable advancement of the polyurethane market.

Dr Gu, Chairman of Changhua Chemical Technology, commented: “In line with my company’s mission to grow and be recognized as the most innovative and sustainable polyurethane producer in the world, we identified Econic’s technology as being best-in-class for incorporating CO₂ into polyurethanes. This long-term agreement demonstrates Changhua’s leadership and ambition in the sector.”

Keith Wiggins, CEO of Econic Technologies, commented: “We are honoured to be partnered with Changhua, China’s leading innovator of polyurethanes. Working with Changhua to this point has reinforced our shared values, and we are excited to build with them a sustainable future that creates value from CO₂ to make essential polyurethane products better.”

The partnership with Changhua follows Econic’s recent announcement of the first round of a multimillion-pound capital raise, and receipt of a UK Government funding award.

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Please get in touch for more information, or to find out how we can help turn waste CO₂ into added value for your business.

Author, Anthea Blackburn

Carbon-to-Value company Econic Technologies has successfully closed the first round of its latest fund raise to support commercialisation of their CO₂ utilisation technology.

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27 April 2022 – Econic Technologies, deep-tech carbon-to-value pioneer, today announced that it has closed the first round of a multimillion capital raise. The investment will accelerate the company’s route to commercialisation as it responds to increasing customer demand for sustainable ways of using carbon dioxide (CO₂) to replace oil derived components in household and industrial products.

The round was led by incoming investor, Capricorn Sustainable Chemistry Fund, with follow-on support from existing investor OGCI Climate Investments. They are backing the scale up of Econic’s catalyst and process technology that transforms waste CO₂ into a valuable raw material for use in essential every-day products, reducing their carbon footprints by up to 30%.

The company will first incorporate CO₂ into polyols – used in polyurethane products for mattresses, insulation, textiles, light-weighting vehicles, amongst many other applications including coatings and adhesives. In addition, Econic is developing CO₂ based surfactant ingredients for use in cleaning, home and personal care, and industrial products. These applications currently use millions of tonnes of oil-based raw materials every year. Econic’s technology uses CO₂ that would otherwise be emitted to the atmosphere or stored for generations to replace up to 50% of the oil-based component.

Both Capricorn Partners and OGCI have leading, dedicated funds that align very closely with Econic’s ambitions to help drive the world to net zero.

Keith Wiggins, CEO of Econic Technologies, commented: ‘We’re delighted to welcome Capricorn Partners, one of the leading investors in sustainable chemistry-based solutions. Their expertise, in collaboration with ongoing support from OGCI, will allow Econic to respond to growing customer demand for our technology and to create value from using captured CO₂ in everyday products.’

Yvette Go, Investment Director at Capricorn Sustainable Chemistry Fund, commented: ‘Econic offer a fantastic and innovative chemical technology for the sustainable manufacture of polymers with reduced environmental impact. We’re so pleased to be coming on board to work with the team as they bring their product to market’.

Matthew Harwood, CSO at OGCI Climate Investments, commented: ‘We are very excited about the commercial interest we are seeing globally in Econic as consumer-facing companies seek to reduce the carbon footprint of their products. We’re looking forward to continuing to support them during this pivotal point in their commercial progress.’

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Please get in touch for more information, or to find out how we can help turn waste CO₂ into added value for your business.

Author, Anthea Blackburn

Econic Technologies has today published the findings of an independent lifecycle assessment (LCA) of its technology by PRé Sustainability. This work has certified that the use of its catalyst technology reduces CO₂ emissions by 30% compared with the traditional manufacture of polyols, which are used in the production of polyurethane, a ubiquitous and essential material. 

The world consumes 11 million tonnes of polyol in polyurethane products per year, a multi-functional material used in a host of diverse everyday applications. Econic Technologies’ catalyst technology turns CO₂ into useful carbon, allowing producers to incorporate it into their products, replacing oil-based feedstocks. The assessment is an important validation of Econic’s innovative technology, supporting the commercialisation of its catalyst as its customers drive to achieve net zero.

The lifecycle assessment found that for every tonne of CO₂ used as a raw material, at least three tonnes of emissions are avoided, primarily due to a significant reduction in the requirement for energy-intensive traditional raw materials. The impact of the technology when adopted across the key polyurethane sector is a reduction of CO₂ equivalent to taking 2.5 million cars off the road or planting 189 million trees per year.

 As well as offering clear environmental benefits, Econic’s catalyst technology also enhances the performance of end products. For example, insulation products become even more carbon negative over their lifetime, whilst also keeping homes warmer and food cooler as well as offering improved flame resistance. Flexible foams, used in products like mattresses and cushions, typically last longer, whilst coatings and elastomers also become more durable, thereby increasing the lifespan of buildings, textiles and essential equipment.  

Keith Wiggins, CEO of Econic Technologies, said: “With COP26 approaching, it is appropriate to showcase how to create sustainable value from captured carbon emissions. This independent lifecycle assessment demonstrates that Econic’s carbon-to-value technology will grow in importance, contributing strongly to the decarbonisation agenda.

As consumers drive demand for more sustainable products, with regulatory reform and greater social responsibility, greater numbers of manufacturers are decarbonising their supply chains. Econic Technologies offers these businesses an innovative solution. Manufacturers are able to bring their customers more sustainable, higher-performing and more cost-effective products today using CO₂.“

Professor Nilay Shah, Head of the Chemical Engineering department at Imperial College London, who reviewed the LCA before publication as an independent expert in low carbon process technologies, said: “As the CCUS sector grows in economic and political importance, systematic and independent LCAs will be vital in underpinning confidence in the sector.

Econic is one of the early pioneers in the sector and so the positive LCA is not just an endorsement of its catalyst, but in the validity of the CCUS as an industry.“

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About Econic’s Lifecycle Assessment

Econic commissioned PRé Sustainability, to run an independent lifecycle assessment (LCA) of its innovative polyol production process, which replaces up to 35 wt% of traditional and expensive oil-based raw materials with captured CO₂. The environmental impacts of Econic’s polyol production process were compared to those of traditional polyols in a cradle-to-gate assessment, and considered raw material production, raw material transportation, and polyol manufacture. The study was critically reviewed by an expert in the field to ensure compliance to ISO standards 14040 and 14044.

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Please get in touch for more information, or to find out how we can help turn waste CO₂ into added value for your business.

Author, Anthea Blackburn

Manali Petrochemicals (MPL) and Econic Technologies have entered into a Memorandum of Understanding (MoU) with the aim to introduce more environmentally friendly, CO₂ containing polyols, into the $28Bn global polyols market.

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MPL signed a MoU with Econic Technologies to scale their catalyst technology that allows for the substitution of fossil based raw materials with captured waste CO₂ in the production of polyols. The partnership involves, MPL and Econic collaborating to scale the technology at MPL’s pilot plant in India. On successful completion, this will be followed by the introduction of the process to one of the production trains in MPL’s main plant. The shared intent is to bring CO₂ containing polyols to MPL’s customers.  

Muthukrishnan Ravi, Managing Director of MPL said:

“We are happy to be collaborating with Econic in the testing and commercial development on this green initiative that is line with our group’s vision of being a responsible corporate citizen.”

Ashwin Muthiah, Chairman of AM International, Promoter Group said:

“It’s an important step in the right direction. Sustainability of raw material supply and protecting the environment is critical for future generations.”

Keith Wiggins, CEO of Econic Technologies said:

“We are excited to begin working with the MPL team, the industry leader in India, to help them serve their vibrant and growing polyurethane market with sustainable CO₂ containing polyols.”

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Please get in touch for more information, or to find out how we can help turn waste CO₂ into added value for your business.

Author, Anthea Blackburn

9th November 2020

Climate impact catalyst technology company, Econic Technologies, announces that it has raised £3.2 million pounds funding via a convertible loan. The loan includes a £1.6 million investment from the UK government’s Future Fund, which was established to support innovative businesses through the COVID-19 outbreak, matched by funds from existing investors OGCI Climate Investments and IP Group plc.

The funding will be used to drive forward the commercialisation of Econic’s pioneering catalyst technologies, which enable manufacturers to harness the value of waste CO2 recycling it directly into existing processes to displace traditional oil-based chemicals. The unique technology is energy efficient and reduces cost at the same time as delivering clear climate change impact by both using captured CO2 and reducing future emissions through decreasing use of fossil-based chemicals. The technology has moved from laboratory to industrial pilot scale in the past two years with extensive process and product validation. Econic is now moving to deploy the technology at commercial scale in the first target market, polyols for polyurethane, in collaboration with material producers and downstream users looking to harness the product benefits and positive climate impact. At the same time, the Econic technology platform aligns directly with other key application markets such as surfactants where the drive for more sustainable products is creating new opportunities and partnerships.

Rowena Sellens, CEO of Econic Technologies, commented:

 “This additional support will help Econic accelerate customer adoption of what is an economically attractive route to more sustainable products, reducing the climate impact of materials that we all use in our everyday lives. We will be working closely with existing and new commercial partners to make that happen.”

Just Jansz, Chairman of Econic Technologies, added:

“I would like to thank Econic’s shareholders for their continued support, as well as the Future Fund, in these extraordinary times. Impressive progress in the past year has positioned the Company well for a number of exciting partnership discussions aimed at progressing commercialisation in polyols for polyurethanes and accelerating deployment of the technology into other markets such as surfactants.”

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About the Future Fund

The Future Fund will support the UK’s innovative businesses currently affected by Covid-19. These businesses have been unable to access other government business support programmes, such as CBILS, because they are either pre-revenue or pre-profit and typically rely on equity investment. Initially, £250 million was made available by the government for investment through the scheme, to be matched by private investors, with the Treasury making clear the amount could be increased if needed. Due to the popularity of the Fund, more funding is being made available. Developed by the government and delivered by the British Business Bank, the Future Fund launched for applications in May and will initially be open until the end of November.

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Get in touch to find out how we can help turn waste CO₂ into added value for your business.

Author, Anthea Blackburn