Imperial Innovations and Norner Verdandi have invested in Econic in its first funding round. Under the terms of the deal, Imperial Innovations and Norner Verdandi are committing £550,000 each, with the new funds to be used for research and development purposes as well as scaling up production. Following the investment, Innovations holds a 43.3% stake in the business and Norner 33.3%.
On the back of the investment, David Morgan, former executive director at the chemicals company Johnson Matthey, has joined the company as chairman, while Charlotte Williams, Professor of Chemistry at Imperial College London, on whose research the company is founded, is to become chief scientific officer.
David Morgan said:
“This funding will allow us to achieve the scale up of production and the investment in research and development we need for the next phase of the business. Having key investors on board, with their knowledge and expertise, makes this an exciting time for the business.”
Susan Searle, CEO of Imperial Innovations, said:
“Econic’s technology has the potential to offer a significant reduction in the production costs of a range of polymer materials. We are pleased to be investing alongside Norner Verdandi, whose technology process expertise will be invaluable to the development of Econic’s technology.”