Tag: Sustainability

Econic meet with Bill Gates and UK Prime Minister Rishi Sunak 16 02 2023

Econic met with Bill Gates and UK Prime Minister Rishi Sunak this week to discuss our ground-breaking CO2 utilisation technology.

London, 15th February 2023 – Imperial College hosted the event, which launched the Cleantech for UK coalition. Econic were invited to participate to showcase examples of UK cleantech innovation. We exhibited our technology alongside other innovators including hydrogen storage technology company H2GO and agrochemical innovators Crop Intellect. Our CEO Keith Wiggins attended the event along with co-founder Dr Mike Kember and Surfactants Lead, Dr Anthea Blackburn.

Cleantech for UK’s founding members include, alongside others, Imperial College London’s cleantech accelerator Undaunted and Breakthrough Energy, an organization founded by Bill Gates to accelerate the clean energy transition and scale the technologies needed to build a net-zero economy.

Bill attended the event and said: “The UK has all the ingredients to become a major player in the global push to build a net-zero emissions future. It’s great to see cleantech business, innovators and policy makers coming together to advance UK climate leadership.”

Econic is here to redefine the make-up of essential products, for good. Our technology can transform using renewable carbon, the sustainability profile of hundreds of polyurethane products, including car seats, mattresses, shoes, electronics, insulation and more.  Recently, we have begun to demonstrate the technology further, to produce CO2 based surfactants for a range of ubiquitous consumer goods, like cleaning and personal care products.

The PM said: “Investing in renewables and clean tech is one of the best ways to strengthen our energy security, create better paid jobs and grow the economy.”

Econic’s technology embodies this: not only does it make valuable use of waste CO2, but that CO2 replaces expensive, fossil fuel-based feedstocks, compounding the environmental benefit with an economic advantage. Econic’s commercial trajectory is accelerating and in the last twelve months our team has expanded by a third, to keep up with the growth.

Our CEO, Keith Wiggins, said about the event: “It was a privilege to be able to present Econic to Bill Gates and the PM. Proud of our company’s Imperial heritage we are pleased to support the formation of Cleantech for UK to help create the next generation of global cleantech champions in the UK”

It was great to be part of an event highlighting innovative technology for tackling climate change, and to see more focus supporting further innovation in the future.

You can read more about the event here.

Author, Anthea Blackburn

Econic Technologies Named on the 2023 Global Cleantech 100 12 01 2023

Exceptional Innovators with the Determination and Technologies to Race to Net-Zero

12th January 2023 – Econic Technologies a catalyst company pioneering renewable carbon usage, has been named on Cleantech Group’s 2023 Global Cleantech 100.  The Global Cleantech 100 is an annual list of the most innovative and promising companies that will take us from commitments to actions in our efforts to reach net-zero. Econic previously made the list in 2019 and is happy to announce that the panel has seen fit to appoint us for a second time.

The Selection Process

The total number of nominations from the public, Cleantech Group’s expert panel, i3 research portal, awards, and Cleantech Group staff totalled 15,753 from over 93 countries. These companies were weighted and scored to create a short list of 330 companies that were reviewed by the 81 members of an expert panel.  The Global Cleantech 100 Expert Panel is made up of leading investors, corporate and industrial executives who are active in technology and innovation scouting. 

The Global Cleantech 100 program has been running since 2009.

This highly anticipated annual report brings you the complete list of companies with the most promising ideas in cleantech – the ones best positioned to help us build a more digitized, de-carbonized and resource-efficient industrial future. Download the Global Cleantech 100 complimentary report. 

“This Global Cleantech 100 edition is remarkable for the number of businesses in it who represent solutions for some of the hardest of decarbonization challenges and those who are working on some of the critical materials issues coming our way, real soon,” said Richard Youngman, CEO, Cleantech Group.  “We salute not only these 100 companies, but all the thousands beyond, who are fighting the good fight.”  

Keith Wiggins, CEO, Econic Technologies said “It’s a great honour to be nominated for a second time, alongside other such pioneering companies. Econic is looking to lead the charge in transforming captured CO2 into valuable products. Right now we are focused on polyols for polyurethanes. You can find polyurethane products all around you; the foam in your mattress, in your car, components of your electronics. Next year will see two of our partners begin full scale production using our process, with further developments in the pipeline. We are excited to see where the technology can be taken and to bring to fruition the real opportunity we have to make a sizeable change to CO2 emissions.”

The Global Cleantech 100 companies are delivering sustainable solutions in these six sectors:

Agriculture & Food
Enabling Technologies
Energy & Power
Materials & Chemicals
Resources & Environment
Transportation & Logistics

These featured companies will be recognized at the upcoming Cleantech Forum North America on January 23-25 in Palm Springs, CA.  Attendees will have the opportunity to connect with many of the companies on the list, along with many other rising stars.

About Cleantech Group

Cleantech® Group provides research, consulting and events to catalyze opportunities for sustainable growth powered by innovation. At every stage from initial strategy to final deals, we bring corporate change makers, investors, governments and stakeholders from across the ecosystem the access and customized support they need to thrive in a more digitized, de-carbonized and resource-efficient future.

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 attend 64th Annual CPI Polyurethane Technical Conference in US 21 10 2022

This year was the 64th Technical Conference for the Centre for the Polyurethanes Industry (CPI). Taking place annually, this is a key fixture for North American polyurethane manufacturers, suppliers and innovators. This year it was held in National Harbor, at the Gaylord Convention Centre and several members of the Econic team attended.

Following the disruption due to the COVID-19 pandemic, industry leaders clearly welcomed the return to normality: meeting face-to-face and discussing the key trends within their sector. Polyurethanes are found in a range of every day products including mattresses, vehicles, footwear, textiles and building insulation materials. Manufacturers operating across these segments convened at the conference to collaborate on the latest industry changes and innovative developments.

Sustainability was a hot topic with several conference sessions covering different aspects, including recyclability, bio-based feedstocks and sustainable design initiatives. The EU regulatory bodies remain a driving force in the circular economy initiatives, as discussed in presentations from EUROPUR. The regulations will drive manufacturers to consider the end-of-life strategy for their products. Evoco presented their bio-based chemistry for footwear applications, showing the promising performance results and biodegradability at end of life.

Recycling schemes were also discussed and it is clear that significant barriers remain with respect to infrastructure for collection, separation of disparate materials and decisions between chemical and mechanical recycling processes. Evonik presented their hydrolysis-based chemical recycling process for PU foams, which has reached pilot scale.

Econic’s unique technology that transforms captured, waste CO2 into useful products is currently being used to manufacture polyols for use in polyurethane foams. These foams traditionally utilize fossil-fuel based ingredients and a range of potentially hazardous additives. What is undeniably clear from the sessions at CPI is that a range of technologies must be adopted to transform the PU supply chain into a circular economy framework. The enthusiasm for the topic at this year’s event demonstrates an appetite for change. Econic is ready to help the industry transform.

Get in touch to find out how we can help turn waste CO2 into added value for your business.

Author, Anthea Blackburn

Econic Technologies raises successful second close of its current funding round 09 08 2022

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