London-based clean tech Econic Technologies has raised €12.3 million in funding to develop catalysts and processes for the manufacture of polymers from carbon dioxide. The second Series D round was backed by CM Ventures, GC Ventures and ING Sustainable Investments. The company had earlier closed its first Series D round in April, led by OGCI Climate Investments and Capricorn Sustainable Chemistry Fund.
The funds will accelerate the commercialisation of its catalyst and process technology, which enables CO2 to be used in the production of polymers.
Founded in 2011 by Charlotte Williams, Econic Technologies aims to use catalyst chemistry to transform waste CO2 into beneficial economic and environmental potential. The company converts captured CO2 into 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 deep tech carbon-to-value company claims that by using its technology, customers can monetise CO2, reduce their carbon footprint, and satisfy soaring consumer demand for more sustainable products.
Keith Wiggins, CEO of Econic Technologies, said: “We are delighted to have the funds to commercialise our technology. With record high temperatures and soaring oil prices, the timing is right for Econic.”
Yvette Go, investment director at Capricorn added: “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.”
Dr Min Zhou, managing partner at CM Venture Capital, added: “CO2 utilisation is critical in addressing climate change. 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.”