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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