Econic Technologies, a Macclesfield, UK-based deep tech carbon-to-value company, raised £10.4m in the second close of its current Series D funding round.
This latest round follows the first close in April of this year, which was led by OGCI Climate Investments and Capricorn Sustainable Chemistry Fund. Joining them in this Series D second tranche were CM Venture Capital Fund III, LP (“CM Venture Capital”), GC Ventures Company, and ING Sustainable Investments B.V. for total raise of £10.4m (US$12.45m).
The funding will support the company through the commercialisation of its catalyst and process technology, which enables CO2 to be used in the production of polymers.
Founded in 2011 by Prof. Charlotte Williams, at Imperial College London, and led by Keith Wiggins, CEO, Econic has developed catalyst technology that efficiently converts captured CO2 into a 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. Econic’s technology allows customers to monetise CO2, while lowering their carbon footprint and to meet booming consumer demand for more sustainable products.
The company operates globally from Alderley Park, near Manchester, UK and has a customer demonstration facility in Runcorn, UK.
FinSMEs
09/08/2022