Econic Technologies raises successful second close of its current funding round

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’s impact 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: “CO2 utilization 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

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.

Ashwin Mutiah | Chairman, AM International, Keith Wiggins | CEO, Econic Technologies, Ravi Muthukrishnan | Managing Director, MPL, Hugo Chardon | Head of Strategy, AM Investcorp

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.

Author, Anthea Blackburn

ECONIC AND CHANGHUA ANNOUNCE LICENSING AGREEMENT TO DEVELOP AND GROW CO2-BASED POLYURETHANES IN CHINA

Econic Technologies is scaling its pioneering deep-tech carbon-to-value technology with partnership in the industry’s most important market.


9th June 2022 – Econic Technologies, the deep-tech carbon-to-value pioneer, has today announced a ground-breaking partnership with leading independent Chinese polyol and polyurethanes company Changhua Chemical Technology Company Ltd, part of Jiangsu Changshun Group. The partnership was marked in a ceremonial signing on 8th June attended by the Mayor of Jiangsu province, where Changhua is based.

This multi-year partnership is born from both companies’ shared values – namely, the creation of a market for CO2 products, in line with the global drive to achieve net zero and to meet increasing consumer demand for more sustainable products. By replacing oil raw materials with waste CO2 in essential polyurethane products, both companies will sustainably grow the market. The collaboration is an important step in the emerging carbon-to-value sector.   

The agreement involves both parties collaborating to develop CO2-based polyurethane products to be manufactured in China and sold under license in China and worldwide. It will involve Changhua building the first dedicated production plants for these products to serve the growing demand for sustainable products. Both companies are aligned to make a serious contribution to carbon reduction and to drive the sustainable advancement of the polyurethane market.

Dr Gu, Chairman of Changhua Chemical Technology, commented: “In line with my company’s mission to grow and be recognized as the most innovative and sustainable polyurethane producer in the world, we identified Econic’s technology as being best-in-class for incorporating CO2 into polyurethanes. This long-term agreement demonstrates Changhua’s leadership and ambition in the sector.”

Keith Wiggins, CEO of Econic Technologies, commented: “We are honoured to be partnered with Changhua, China’s leading innovator of polyurethanes. Working with Changhua to this point has reinforced our shared values, and we are excited to build with them a sustainable future that creates value from CO2 to make essential polyurethane products better.”

The partnership with Changhua follows Econic’s recent announcement of the first round of a multimillion-pound capital raise, and receipt of a UK Government funding award.


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

Econic Technologies raises funds for commercialisation with incoming investor Capricorn, and OGCI Climate Investments

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.


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.’


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