Carbon-to-value pioneer completes multi-million pound funding round

Alderley Park based Econic Technologies has announced it has closed a multi-million pound funding round to accelerate the commercialisation of its pioneering carbon-to-value technology that converts waste CO2 into a raw material which can replace fossil fuel derived resources.

Incoming investor, Capricorn Sustainable Chemistry Fund, led the funding round, alongside follow-on support from existing backer OGCI Climate Investments.

The money raised will help scale up Econic’s catalyst and process technology that can see carbon footprints reduced by up to 30% by transforming waste CO2 into a raw material that can be used in everyday household and industrial products. Waste CO2 is incorporated in polyols, used in the manufacturer of polyurethane products found in insulation, textiles, coatings, adhesives and other widely used products, which currently use millions of tonnes of oil-based raw materials every year.

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.’