Climate Investment continues to back Econic in latest funding round
26 April 2022
OGCI Climate Investment (OGCI CI), a specialist decarbonization investor, has provided additional funding to Econic Technologies, a catalyst technology company that creates new value from waste CO2 for the polymers and formulation products industries, to support the scale up and commercialization of the business.
Econic, which first received investment from OGCI CI in February 2018 through its inaugural, internationally focused US$1B+ Catalyst Fund I, is the industry leader for CO2 utilization technology. The company’s pioneering catalyst systems mean that 50% of the necessary fossil fuel-based raw materials can be substituted with CO2 in the manufacture of polyols, the base of all polyurethanes. Econic’s catalyst technology was first developed at Imperial College, London, and has since been patented and validated in pilot operations.
“We are delighted to see Econic move onto the next stage in its development,” commented Matthew Harwood, Chief Strategy Officer at OGCI Climate Investment. “Econic’s technology enables the incorporation of CO2 into Polymers: reducing raw material costs, creating a new “sink” for CO2 and delivering advanced polymers which show enhanced performance. 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.”
As a highly engaged investor, OGCI CI facilitated investor introductions during Econic’s latest capital raise and has assisted the company’s commercialization.
Keith Wiggins CEO Econic Technologies said: “We would like to thank OGCI for this follow-on investment to help Econic on the next stage of its journey to market. As consumers demand more sustainable products, Econic’s technology is enabling customers to present new product solutions utilizing CO2. We are excited about commercialization, effectively taking ‘carbon to value’.”
Capricorn partners, an independent European manager of venture capital and equity funds, joined OGCI CI in the investment round.
About OGCI Climate Investment
OGCI Climate Investment was formed by the Oil & Gas Climate Initiative, a CEO-led initiative of oil & gas majors that accounts for around 30% of global operated production. OGCI aims to lead the industry’s response to climate change.
At OGCI Climate Investment, we seek to accelerate the global implementation of low carbon solutions by collaborating with OGCI members, governments, customers, and co-investors. We have invested in 25 technologies and projects since 2017.
Among its investment-focused activities, CI currently manages a $1B+ fund, Catalyst Fund I, and is an investor in China Climate Investment. Both funds invest in solutions to decarbonize under-invested carbon-intensive sectors within energy, industrials, built environments/buildings and transportation. CI targets solutions that deliver near-term GHG impact in three areas: reducing methane, reducing carbon dioxide emissions and recycling or storing carbon dioxide.
About Econic Technologies
Econic Technologies is a British deep-tech company and pioneer in the utilisation of carbon dioxide (CO2) as a valuable raw material. It licenses and sells innovative catalyst and processes technology for the manufacture of CO2 containing polymers used in essential everyday products. The use of CO2 sustainably displaces conventional oil-based feedstocks and complements biobased raw materials, to create more cost effective, higher performing, end products.
Econic was founded in 2011 by Prof. Charlotte Williams, at Imperial College London. Building on her vision of technology that uses CO2 as a raw material in the manufacture of enhanced polymers systems, the company is ready to meet consumer and societal drive to net zero and fit with the existing supply chain. The recipient of many nominations and awards, the company was most recently named as winner in the Sustainability sector of ‘Future22’ by Tech Tour, Europe’s largest investor-oriented community.
The company operates globally from Alderley Park, near Manchester, UK and its state-of-the-art customer demonstration facility in Runcorn, UK.