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.’
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