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 09 08 2022
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’simpact 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: “CO2utilization 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 19 07 2022
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.
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.