Econic Technologies raises funds for commercialisation

Econic Technologies has announced the closure of the first round of a capital raise that will aim to accelerate the company’s route to commercialisation as it responds to increasing demand for sustainable carbon dioxide use to replace oil-derived components in household and industrial products.

The round was led by incoming investor Capricorn Sustainable Chemistry Fund, with support from existing investor OGCI Climate Investments. Both are backing the scale-up of Econic’s catalyst and process technology that transforms waste carbon dioxide into a raw material for use in everyday products 

The company will first incorporate carbon dioxide into polyols for use used in polyurethane products. In addition, Econic is developing carbon dioxide-based surfactant ingredients for use in cleaning, home and personal care, and industrial products. Such applications currently use millions of tonnes of oil-based raw materials every year.   

Keith Wiggins, CEO of Econic Technologies, said: “[Capricorn Partners’] expertise, in collaboration with ongoing support from OGCI, will allow Econic to respond to growing customer demand for our technology and to create value from using captured CO2 in everyday products.”

Yvette Go, Investment Director at Capricorn Sustainable Chemistry Fund, added: “Econic offer a fantastic and innovative chemical technology for the sustainable manufacture of polymers with reduced environmental impact. We’re so pleased to be coming on board to work with the team as they bring their product to market.”

Matthew Harwood, CSO at OGCI Climate Investments, added: “We are very excited about the commercial interest we are seeing globally in Econic as consumer-facing companies seek to reduce the carbon footprint of their products. We’re looking forward to continuing to support them during this pivotal point in their commercial progress.”