Econic Technologies Ltd, a UK-based developer of catalysts that enable polycarbonate polyols and polymers, and subsequently polyurethanes and polycarbonates to be produced using CO2 as one of the feedstocks, has raised £1.1m in funding.
Backers include Imperial Innovations Group plc (AIM: IVO), and Norner Verdandi, which part of Norner AS, an international technology consultancy and partner for polymers and materials industries. Innovations and Norner Verdandi each invested £550k in the round.
The company intends to use the capital for Research and Development purposes, as well as scaling up the production process.
Following the investment, Innovations holds a 43.3% stake in the business and Jon Edington, Director Investments at Imperial Innovations, will take a place on the board of Econic.
Norner Verdandi acquired 30% of the company.
In addition, David Morgan, former Executive Director at Johnson Matthey, has joined the company as Chairman. Dr Charlotte Williams, Reader in the Department of Chemistry at Imperial College London, on whose research the company is founded, is Chief Scientific Officer.