Econic Technologies raises £7m for pioneering technology to help fight climate change

British catalyst technology company, Econic Technologies, announces the successful completion of its latest round of fundraising. The total amount raised is £7m with first-time investment from OGCI Climate Investments, alongside additional funds from existing shareholders: IP Group plc and Woodford Investment Management. The funding will be used to help further develop Econic’s pioneering catalyst technologies, which unlock the positive potential of waste CO2 by allowing it to be incorporated as a feedstock thereby enhancing margins and reducing the reliance on fossil fuels. The team hopes that by 2027, 30% of all polyol production will take place using Econic’s catalyst technologies, meaning that potentially 3.5 million tonnes of CO2 emissions could be saved each year – the equivalent to taking some two million cars off the road.

In addition to the funds from Econic’s existing shareholders, this latest investment round brings backing from OGCI Climate Investments, the one billion-dollar investment fund created by the Oil and Gas Climate Initiative (OGCI), a voluntary initiative led by CEOs of ten global oil and gas companies. The OGCI Climate Investments fund invests in promising technologies and business models that have the potential to significantly reduce greenhouse gas emissions and that are commercially viable and scalable. Working with OGCI Climate Investments means that Econic Technologies will have access to an impressive network of oil and gas experts, opening the door to future opportunities for the global market to benefit from the positive potential of its catalyst technologies.

Due to the interest expressed by a number of strategic investors, the company has the facility to issue a number of additional shares within a limited time window following this close.

Rowena Sellens, CEO of Econic Technologies, commented: “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.

“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 Plc commented: “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 commented: “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.”


For further information, please contact:
Alex Kane, Farrer Kane: +44 (0) 20 7415 7154 | alex@farrerkane.com
Max Jewell, Farrer Kane: +44 (0) 20 7415 7154 | maxjewell@farrerkane.com

For more information on Econic or to inquire about our catalyst technologies, please contact:
Richard French, Business Development Director Econic Technologies | +44 1625 238 645

Author, Anthea Blackburn

Econic Technologies is Named in the 2017 Global Cleantech 100 Ones to Watch List

Alderley Park, Cheshire, UK – November 7, 2017: Econic Technologies, a chemical company that supplies pioneering catalyst systems capable of incorporating bespoke amounts of waste carbon dioxide into polymers for use in the plastics industry, today announced it was named in the 2017 Global Cleantech 100 Ones to Watch list, produced by Cleantech Group (CTG).

The GCT100 Ones to Watch list seeks to highlight a group of up-and-coming companies that are catching the eye of leading investors and corporates in the market. The companies listed made the top 250 in this year’s Global Cleantech 100 program and carry pockets of strong support among the GCT100’s Expert Panel, albeit they did not have quite enough market support (yet!) to make the 9th edition of the Global Cleantech 100 list itself (which will be published on January 22, 2018). As such, these companies represent this year’s Ones to Watch.

“The Global Cleantech 100 program is our annual in-depth research exercise to identify the innovation companies leading players in the market are most excited by right now,” said CTG’s CEO, Richard Youngman. “By the nature of the list, the Ones to Watch truly represent the next cadre of exciting disruptive companies.”

“We are delighted with this recognition of the potential of our catalyst systems to benefit not only the environment with regards to the utilisation and reduction of waste carbon dioxide, but also the economy in terms of the value we can add to our customers’, and their customers’, existing products,” said Rowena Sellens, Econic’s CEO.

This year, a record number of nominations for the annual Global Cleantech 100 list were received: 12,300 distinct companies from 61 countries. These companies were weighted and scored to create a short list of 312 companies, with these nominees reviewed by the 86 members of Cleantech Group’s Expert Panel. The Ones to Watch list, a sister list to the annual Global Cleantech 100 list, is created from the top 250 of the shortlist. To qualify for either list, companies must be independent, for-profit cleantech companies that are not listed on any major stock exchange.

The complete list of the Global Cleantech 100 Ones to Watch list was revealed on November 7, 2017. See the full list at https://i3connect.com/gct100/watch-list

The complete list of Global Cleantech expert panel members is available at https://i3connect.com/gct100/panelist

About Cleantech Group
Founded in 2002, the mission of Cleantech Group (CTG) is to accelerate sustainable innovation. Our subscriptions, events and programs are all designed to help corporates, investors, and all players in the innovation ecosystem discover and connect with the key companies, trends, and people in the market. Our coverage is global, spans the entire clean technology theme and is relevant to the future of all industries. The company is headquartered in San Francisco, with a growing international presence in London.
Our parent company, Enovation Partners, one of Consulting Magazine‘s 2017 Seven Small Jewels, is based in Chicago (learn more at www.enovationpartners.com).

MEDIA CONTACT:
Heather Matheson
Cleantech Group
Tel: +1 (415) 233-9714
Email: heather.matheson@cleantech.com

ECONIC CONTACT:
Richard French, Business Development Director
Tel: +44 (0) 1625 238645
Email: R.French@econic-technologies.com

Author, Anthea Blackburn