Econic Technologies raises £10.4m in the second close of its Series D round to commercialise its carbon conversion technology.
The financing was led by OGCI Climate Investments and Capricorn Sustainable Chemistry Fund.
Econic Technologies develops proprietary catalyst and process technology that transforms captured carbon dioxide into a sustainable raw material for manufacturing everyday polymers.
Econic Technologies has secured £10.4m in the second close of its Series D funding round to drive the commercialisation of its carbon-to-value technology. The financing was led by OGCI Climate Investments and Capricorn Sustainable Chemistry Fund, with participation from CM Venture Capital Fund III, GC Ventures Company Limited, and ING Sustainable Investments.
The capital will support the business as it scales the deployment of its catalyst systems, which enable manufacturers to utilise captured carbon dioxide as a feedstock in polymer production. This latest transaction follows an initial close in April and adds further backing from international strategic and sustainability-focused investors.
The firm intends to use the proceeds to accelerate its market presence and broaden the commercial application of its technology across global supply chains. Econic continues to develop sustainable alternatives to oil-based raw materials, targeting industries ranging from insulation foams to household detergents.
From the founder
"It is an exciting time for Econic! We are delighted to have the funds to commercialise our technology and thank our existing and new investors for their support to complete this raise. With record high temperatures and soaring oil prices, the timing is right for Econic Technologies."
Keith Wiggins
CEO at Econic Technologies
Investor perspective
"We led the investment in Econic at the first tranche, convinced that the company is at the cusp of breaking through commercially, coming from a strong technology base. What we have learned since then has further increased our confidence in the technology, the team and their ability to add value at scale and help reduce the carbon footprint to supply chains we know very well. We are pleased to step up our commitment to Econic in line with that confidence."
Yvette Go
Investment Director, Capricorn Sustainable Chemistry Fund
Use of funds
- 01Expand into international markets
- 02Accelerate go-to-market
Investors
Matthew Harwood
OGCI Climate Investments
Yvette Go
Capricorn Sustainable Chemistry Fund
Min Zhou
CM Venture Capital Fund III
Kamel Ramdani
GC Ventures Company
Mark Weustink
ING Sustainable Investments
Categories
About the company
Econic Technologies
Econic Technologies converts captured carbon dioxide into usable raw materials for industrial manufacturing.