Econic raises new financing for expansion

Econic Technologies has raised additional funding from Imperial Innovations Group, a leading technology commercialisation and investment group.

Econic develops new catalytic processes for manufacturing polymers using waste carbon dioxide (CO2) as a feedstock. Funds raised from this investment round will be used to expand Econic’s laboratory facilities and accelerate research and development with a focus on the further development of catalysts. Econic will also extend its strategic partnerships with major chemicals companies.

The use of CO2 to replace conventional petrochemical-based feedstocks enables a significant cost reduction for certain polymer manufacturers, as well as generating an environmental benefit through the use of CO2 captured from waste streams. The resulting polycarbonates can be used in a variety of applications including the production of polyurethane, a $20 billion market which includes products such as foams, plastics and polyesters.

The company is developing a range of catalysts with an initial focus on polycarbonate products PCHC and PPC. The Econic polycarbonates replace between 30% and 50% of traditional petrochemical feedstock with low cost CO2, resulting in 30-40% cost reductions as well as improved product characteristics.

David Morgan, Executive Chairman, Econic Technologies, said:
“We believe our catalysts have the potential to reduce costs and drive significantly improved margins for customers in the $20bn polyurethane market.”

Susan Searle, Chief Executive Officer, Imperial Innovations, said:
“Econic is a great example of the exciting technology coming out of UK universities with strong strategic interest for partnership and future acquisition. We’re thrilled to be the cornerstone investor and look forward to the scale-up of the company’s compelling bench-scale performance to date.”

Econic Technologies was founded in 2011 to commercialise the research of Professor Charlotte Williams and her group at Imperial College London. Econic is led by Chairman David Morgan, formerly an executive director at Johnson Matthey.

Author, Frank Norman