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

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.”

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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