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.”


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Author, Anthea Blackburn

LCA finds Econic’s catalyst saves equivalent in emissions reduction to planting 189 million trees

Econic Technologies has today published the findings of an independent lifecycle assessment (LCA) of its technology by PRé Sustainability. This work has certified that the use of its catalyst technology reduces CO2 emissions by 30% compared with the traditional manufacture of polyols, which are used in the production of polyurethane, a ubiquitous and essential material. 

The world consumes 11 million tonnes of polyol in polyurethane products per year, a multi-functional material used in a host of diverse everyday applications. Econic Technologies’ catalyst technology turns CO2 into useful carbon, allowing producers to incorporate it into their products, replacing oil-based feedstocks. The assessment is an important validation of Econic’s innovative technology, supporting the commercialisation of its catalyst as its customers drive to achieve net zero.

The lifecycle assessment found that for every tonne of CO2 used as a raw material, at least three tonnes of emissions are avoided, primarily due to a significant reduction in the requirement for energy-intensive traditional raw materials. The impact of the technology when adopted across the key polyurethane sector is a reduction of CO2 equivalent to taking 2.5 million cars off the road or planting 189 million trees per year.

 As well as offering clear environmental benefits, Econic’s catalyst technology also enhances the performance of end products. For example, insulation products become even more carbon negative over their lifetime, whilst also keeping homes warmer and food cooler as well as offering improved flame resistance. Flexible foams, used in products like mattresses and cushions, typically last longer, whilst coatings and elastomers also become more durable, thereby increasing the lifespan of buildings, textiles and essential equipment.  

Keith Wiggins, CEO of Econic Technologies, said: “With COP26 approaching, it is appropriate to showcase how to create sustainable value from captured carbon emissions. This independent lifecycle assessment demonstrates that Econic’s carbon-to-value technology will grow in importance, contributing strongly to the decarbonisation agenda.

As consumers drive demand for more sustainable products, with regulatory reform and greater social responsibility, greater numbers of manufacturers are decarbonising their supply chains. Econic Technologies offers these businesses an innovative solution. Manufacturers are able to bring their customers more sustainable, higher-performing and more cost-effective products today using CO2.

Professor Nilay Shah, Head of the Chemical Engineering department at Imperial College London, who reviewed the LCA before publication as an independent expert in low carbon process technologies, said: “As the CCUS sector grows in economic and political importance, systematic and independent LCAs will be vital in underpinning confidence in the sector.

Econic is one of the early pioneers in the sector and so the positive LCA is not just an endorsement of its catalyst, but in the validity of the CCUS as an industry.


About Econic’s Lifecycle Assessment

Econic commissioned PRé Sustainability, to run an independent lifecycle assessment (LCA) of its innovative polyol production process, which replaces up to 35 wt% of traditional and expensive oil-based raw materials with captured CO2. The environmental impacts of Econic’s polyol production process were compared to those of traditional polyols in a cradle-to-gate assessment, and considered raw material production, raw material transportation, and polyol manufacture. The study was critically reviewed by an expert in the field to ensure compliance to ISO standards 14040 and 14044.


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 appoints a new CEO as it enters its next phase

Catalyst technology company, Econic Technologies, has appointed Keith Wiggins as its new CEO to lead the next stage scale up and commercialisation of the business.


The leader in CO2 utilisation technology, Econic Technologies, has today announced the appointment of Keith Wiggins as its new CEO. Wiggins will take over from Dr Rowena Sellens who will retire after eight years of leadership, having taken the company to its market-leading position from a spin-out start up. The firm is now ready to scale the commercialisation of its unique catalyst technology amongst customers looking to achieve net zero carbon and core sustainability objectives.

The key next stages in this process are to progress key partnerships alongside a forthcoming fund raise on the back of recently secured investment from existing shareholders and the UK government’s Future Fund.

Wiggins brings broad experience of successfully running advanced manufacturing businesses and commercialising technologies across global markets. His international career spans senior leadership positions with leading multinationals and early stage companies.

Keith Wiggins, CEO of Econic Technologies, commented: ‘It is an honour to be joining Econic Technologies at a time when the business is poised to scale and commercialize. Rowena and the team have developed a world class technology that brings environmental, cost and performance benefits to customers, at a time when the world is demanding sustainable solutions for CO2. I look forward to being part of the growth story ahead.’

Wiggins replaces the retiring Dr Rowena Sellens, who was appointed in 2014 and oversaw Econic Technologies’ initial funding rounds; the launch of a UK-first customer demonstration facility; and the conclusion of the firm’s first joint development agreements, including a partnership with Drax. Dr Sellens will use her retirement to explore a number of non-executive roles.

Dr Rowena Sellens, former CEO, commented: ‘Overseeing the growth of Econic Technologies has been a real labour of love. Thanks to the incredible hard work of a team that I was so proud to lead, the business has gone from strength to strength. I am very happy to be passing the reins to Keith, who brings fresh perspectives and deep experience that will help the catalyst complete the final stages of commercialisation. I wish him well, and look forward to watching the firm’s continued growth.’


For more information contact:

Mr Leigh S Taylor, Head of Sales & Licensing
+44 (0)1625 238 645 | l.taylor@econic-technologies.com


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Author, Econic

Econic Technologies secures £3.2m funding

9th November 2020

Climate impact catalyst technology company, Econic Technologies, announces that it has raised £3.2 million pounds funding via a convertible loan. The loan includes a £1.6 million investment from the UK government’s Future Fund, which was established to support innovative businesses through the COVID-19 outbreak, matched by funds from existing investors OGCI Climate Investments and IP Group plc.

The funding will be used to drive forward the commercialisation of Econic’s pioneering catalyst technologies, which enable manufacturers to harness the value of waste CO2 recycling it directly into existing processes to displace traditional oil-based chemicals. The unique technology is energy efficient and reduces cost at the same time as delivering clear climate change impact by both using captured CO2 and reducing future emissions through decreasing use of fossil-based chemicals. The technology has moved from laboratory to industrial pilot scale in the past two years with extensive process and product validation. Econic is now moving to deploy the technology at commercial scale in the first target market, polyols for polyurethane, in collaboration with material producers and downstream users looking to harness the product benefits and positive climate impact. At the same time, the Econic technology platform aligns directly with other key application markets such as surfactants where the drive for more sustainable products is creating new opportunities and partnerships.

Rowena Sellens, CEO of Econic Technologies, commented:

 “This additional support will help Econic accelerate customer adoption of what is an economically attractive route to more sustainable products, reducing the climate impact of materials that we all use in our everyday lives. We will be working closely with existing and new commercial partners to make that happen.”

Just Jansz, Chairman of Econic Technologies, added:

“I would like to thank Econic’s shareholders for their continued support, as well as the Future Fund, in these extraordinary times. Impressive progress in the past year has positioned the Company well for a number of exciting partnership discussions aimed at progressing commercialisation in polyols for polyurethanes and accelerating deployment of the technology into other markets such as surfactants.”


About the Future Fund

The Future Fund will support the UK’s innovative businesses currently affected by Covid-19. These businesses have been unable to access other government business support programmes, such as CBILS, because they are either pre-revenue or pre-profit and typically rely on equity investment. Initially, £250 million was made available by the government for investment through the scheme, to be matched by private investors, with the Treasury making clear the amount could be increased if needed. Due to the popularity of the Fund, more funding is being made available. Developed by the government and delivered by the British Business Bank, the Future Fund launched for applications in May and will initially be open until the end of November.


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Author, Anthea Blackburn