Econic attend 64th Annual CPI Polyurethane Technical Conference in US

This year was the 64th 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.


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

Author, Anthea Blackburn

Econic Technologies raises successful second close of its current funding round

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


London, 09th 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.”


Author, Anthea Blackburn

Econic Technologies continues global development of CO2-containing polyols market with new India partnership

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.


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.

Ashwin Mutiah | Chairman, AM International, Keith Wiggins | CEO, Econic Technologies, Ravi Muthukrishnan | Managing Director, MPL, Hugo Chardon | Head of Strategy, AM Investcorp

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.”


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 AND CHANGHUA ANNOUNCE LICENSING AGREEMENT TO DEVELOP AND GROW CO2-BASED POLYURETHANES IN CHINA

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


9th 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.


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 raises funds for commercialisation with incoming investor Capricorn, and OGCI Climate Investments

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.


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.’


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

LCA finds Econic’s catalyst saves equivalent in emissions reduction to planting 189 million trees

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.


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.


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 and Manali Petrochemicals announce partnership to scale process technology

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.


Manali Petrochemical reports Q3 FY21 consolidated PAT Rs. 85.99 CrMPL 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.”


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 secures £3.2m funding

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.”


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.


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

Author, Anthea Blackburn

CO2nversations – Michael Kember

As Econic grows significantly and moves towards commercialisation, so too do our scientific innovations. These technological developments form part of the foundation, and the future, of our company, so it’s important that we protect them, in the same way that you would your house or car. This is where Dr Michael Kember, our Head of Research and Intellectual Property, and also a co-founder of Econic, steps in.

Mike determines the direction that our research team take in the development of new generations of catalysts and CO2-containing polymeric products, not only in terms of the fundamental scientific developments, but also in their protection as Econic’s intellectual property. This task requires Mike and the team to have a forensic understanding of the current IP landscape to see where and how Econic fits in, and the directions  future technology innovations can take. “It is important that we protect our catalyst technologies at all stages of development.” Mike states, “This protection is crucial in establishing the place of our unique catalyst systems’ foothold in the market. It also allows our customers the freedom to use these technologies in their own business processes, opening up the advantages of CO2-based polyols and materials.”

Econic’s IP portfolio is an ever-evolving, growing collection, currently consisting of more than 30 granted patents that span from polymerisation catalysts and the processes used in our technology, to enhanced polyurethane products made using CO2-containing polyols. This portfolio will only continue to diversify as we develop new generations of our catalyst technologies for use in the polyols for the polyurethane market, and, looking ahead, to wider plastics markets. The potential is far-reaching and we are only just scratching the surface.


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

Author, Anthea Blackburn

CO2nversations – Solène Cauët-Fidge

Safety is one of the founding values that underpins how Econic operates not only on a day-to-day basis in our laboratories and Customer Demonstration Facility, but also as we plan for the commercialisation of our catalyst technologies and further growth of the company. Dr Solène Cauët-Fidge, our Safety and Laboratory Manager, is leading the charge in implementing our Health and Safety policies throughout our very diverse activities across two sites.

Guaranteeing safety compliance in a growing company, whilst also ensuring that research can run with minimal disruptions, can be a challenge for Health and Safety. “Working with the research team who carry out a breadth of activities, as well as ever-developing processes and working conditions, keeps me on my toes” says Solène. “But, it’s the dynamic nature of Econic that makes it so exciting! My days can involve anything from managing the use of new chemicals on a laboratory scale, to developing the company’s H&S policy, to considering the safety implications of scaling a process to the demonstration scale or beyond.”

As we move closer to the commercialisation of our catalyst technologies, it is vital that we maintain the highest levels of safety practices as we not only develop and transfer internally our processes from the lab to plant scale, but also as we move to test these systems in our customers’ facilities. Safety processes are an integral element of helping our customers to realise the full potential of incorporating waste CO2 into their polyol and downstream plastics applications.


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

Author, Anthea Blackburn