ECONIC TECHNOLOGIES RAISES £7M FOR PIONEERING TECHNOLOGY TO HELP FIGHT CLIMATE CHANGE
Alderley Park based technology company, Econic Technologies, announces the successful completion of its latest round of fundraising.
The total amount raised is £7m with first-time investment from OGCI Climate Investments, alongside additional funds from existing shareholders: IP Group plc and Woodford Investment Management. The funding will be used to help further develop Econic’s pioneering catalyst technologies, which unlock the positive potential of waste CO2 by allowing it to be incorporated as a feedstock thereby enhancing margins and reducing the reliance on fossil fuels. The team hopes that by 2027, 30% of all polyol production will take place using Econic’s catalyst technologies, meaning that potentially 3.5 million tonnes of CO2 emissions could be saved each year – the equivalent to taking some two million cars off the road.
In addition to the funds from Econic’s existing shareholders, this latest investment round brings backing from OGCI Climate Investments, the one billion-dollar investment fund created by the Oil and Gas Climate Initiative (OGCI), a voluntary initiative led by CEOs of ten global oil and gas companies. The OGCI Climate Investments fund invests in promising technologies and business models that have the potential to significantly reduce greenhouse gas emissions and that are commercially viable and scalable. Working with OGCI Climate Investments means that Econic Technologies will have access to an impressive network of oil and gas experts, opening the door to future opportunities for the global market to benefit from the positive potential of its catalyst technologies.
Due to the interest expressed by a number of strategic investors, the company has the facility to issue a number of additional shares within a limited time window following this close.
Rowena Sellens, CEO of Econic Technologies, commented: “This latest round of funding will help drive Econic Technologies’ continuing growth, and enable us to transform more waste CO2 into powerful economic and product performance advantages while reducing environmental impact.
“As the catalysts move from our labs to our customer’s factory floor, the funding will be vital to ensure that manufacturers around the world are able to benefit from our pioneering technologies. We are delighted that our investors are prepared to give us the flexibility to bring one or two strategic investors on board and benefit from the additional expertise they can offer at this exciting stage.”
Kelsey Lynn Skinner at IP Group Plc commented: “Econic continues to make strong progress with its transformational catalyst technologies and we are pleased to continue to play a pivotal role in helping the company to realise this potential.”
Pratima Rangarajan, CEO of OGCI Climate Investments commented: “We believe that CO2 utilisation in products is an important pathway to capture carbon, resulting in a more sustainable future. Econic Technologies’ catalyst is a step in the right direction and we look forward to supporting them as they grow.”