15 January 2018
Climate-KIC start-up Econic Technologies secures £5 million in investment
Econic Technologies, leading innovative catalyst company and Climate-KIC Accelerator Alumnus, has secured £5 million from their latest investment round.
The investment was provided by new investor Woodford Investment Management and return investors Imperial Innovations and Jetstream Capital.
The funding will provide crucial support for the development of future catalyst generations and the expansion of Econic Technologies facilities, thereby accelerating the commercialisation of Econic’s catalyst technology.
This latest round of investment is complemented by the recently announced Horizon 2020 SME award, which adds a further £2 million of funding over the next two years.
“We are delighted that Woodford Investment Management has chosen to invest in Econic Technologies alongside of Imperial innovations and Jetstream Capital. This investment, together with the H2020 award, will support both ongoing catalyst development and our commercialisation activities, including the development of a customer demonstration facility which will ‘showcase’ Econic’s novel catalyst technology,” says Rowena Sellens, CEO Econic Technologies.
Econic Technologies is an innovative and fast growing chemical technology company that develops and commercialises novel catalyst technologies to build carbon dioxide into polyurethanes and other polymers. Econic’s catalysts enable manufacturers to make a whole new generation of everyday plastics – for use in cars, mattresses, running shoes – that will be both profitable and ecological.
Econic partners with plastic manufacturers to help them make their products using carbon dioxide (CO2). They save money and natural resources by replacing key ingredients made from oil, an expensive and limited fossil fuel, with a waste product they already have. Our planet benefits because CO2 is being recycled into new plastics, instead of released back into the environment.
The underlying catalyst technology was developed at Imperial College London by a team of scientists led by Professor Charlotte Williams. Econic Technologies was founded in 2011 to develop the technology further towards commercial applications. The current technology is covered by a number of worldwide patents and patent applications.
Econic Technologies was supported by the Climate-KIC Accelerator in the UK.
The Climate-KIC Accelerator is the only EU business acceleration programme focused on cleantech commercialisation. With fast track entrepreneurship education, top-notch tools & techniques and intensive coaching, we have set up the world’s first real-life business school for cleantech entrepreneurs. In three phases we take start-ups through a rock-solid 18-month programme to grow great ideas into great businesses.