Econic Technologies, a London, UK-based developer of new catalysts and processes for the manufacture of polymers from CO2, raised £5m in funding.
The round was led by new investor Woodford Investment Management and existing investors Imperial Innovations and Jetstream Capital. It was complemented by Horizon 2020 SME award, which added a further £2M of funding over the next two years.
The company intends to use the funds for the development of future catalyst generations and the expansion of its facilities, thereby accelerating the commercialization of its catalyst technology.
Founded in 2011 as a spin out company from professor Charlotte Williams group at Imperial College and led by Rowena Sellens, CEO, Econic Technologies develops and commercializes novel catalyst technologies to build carbon dioxide into polyurethanes and other polymers, which enable manufacturers to make a whole new generation of everyday plastics – for use in cars, mattresses, running shoes, etc., replacing ingredients made from oil with a waste product they already have.
The underlying catalyst technology, developed at Imperial College London by a team of scientists led by Professor Williams, is covered by a number of worldwide patents and patent applications.