Econic Technologies completes £5.1m Series A investment deal
Econic Technologies, a developer of new catalyst technology for manufacturing polymers from waste carbon dioxide, is pleased to announce that it has completed a £5.1m (approx. €6.1m / $8.3m) Series A investment round. The investors are Imperial Innovations, which has been an investor since Econic's first see d funding round, and Jetstream Capital, a US-based family office focused on long-term investment in private companies with high environmental or social impact and with an emphasis on novel and disruptive technologies. The use of carbon dioxide (CO2) to replace conventional petrochemical-based feedstock enables a significant cost reduction for certain polymer manufacturers. Econic polycarbonates replace between 30% and 50% of traditional petrochemical feedstock with lower cost CO2, resulting in 30 - 40% cost reductions as well as improved product characteristics. The resulting polycarbonates can be used in a variety of applications including the production of polyurethane - a global $40 billion market, which includes products such as foams, hard or rubber-like plastic products, and surface coatings.
The funds raised in this investment round will be used to further the testing and scale up of the Econic catalyst technology to be commercialized for polyurethane polyols and long-chain polymers. David Morgan, Executive Chairman of Econic Technologies, said: "This additional funding will allow us to accelerate the next phase of our development and to intensify our engagement with customers. We are very pleased with the confidence our investors are showing in our technology and its potential."
Kelsey Lynn, Director Technology Ventures at Innovations, added: "Econic represents an important example of our investment in strong companies with major potential impact on their market; it has made great progress with its polymer technology and we are pleased to be supporting Econic as its scales and commercialises its solutions. Jetstream Capital is a partner of quality and vision, whose long-term ambitions for the company closely mirror our own. This investment is also a good indication of the strength and depth of our technology and materials business portfolio."
The Founder and Managing Director of Jetstream Partners (Joel Dobberpuhl) said: "We look for companies with strong potential for impact and were drawn to Econic for its exceptional technology, talented scientific team and strong customer interest. The involvement of Innovations as an influential lead investor from the outset made for a well-structured company and deal."
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