United Kingdom – The UK-based carbon-to-value pioneer Econic Technologies has raised funds to support the commercialization of its catalyst and process technology, which enables the use of CO2 in the synthesis of polymers.
The first close, which was spearheaded by OGCI Climate Investments and Capricorn Sustainable Chemistry Fund in April of this year, was followed by the most recent round. CM Venture Capital, GC Ventures, and ING Sustainable Investments B.V. also participate in this Series D second tranche, bringing the total raised to £10.4 million.
Carbon-to-value
It is well known that CO2 is a greenhouse gas (GHG) that contributes to global warming. The cost of capture and storage, which is regarded as a waste product, is high for emitters. The polyurethane industry initially benefited from Econic’s catalyst technology, which effectively transforms captured CO2 into a usable raw material used to make foams for insulation and mattresses, protective coatings, sealants, and adhesives.
The polyol component, with a global market value of $28 billion and annual growth of 5%, incorporates CO2. Customers can monetise CO2, reduce their carbon footprint, and satisfy soaring consumer demand for more sustainable products thanks to Econic’s game-changing technology. In order to lessen reliance on oil, abundant CO2 can be used as a sustainable carbon source in place of raw materials that rely on oil.
The carbon-to-value technology developed by Econic has applications outside of the polyurethane industry. The company recently announced the creation of novel CO2 surfactants, made possible by a BEIS grant from the UK government.
