Macclesfield, UK-based deep tech carbon-to-value platform Econic Technologies raised USD 12.45 million in the second close of its current Series D round. The company announced the closure of the financing on August 9, 2022. Earlier in April 2022, OGCI Climate Investments and Capricorn Sustainable Chemistry Fund led the first close of the Series D. However, the second tranche of the investment saw financing from CM Venture Capital Fund III, L.P. (“CM Venture Capital”), G.C. Ventures Company, and ING Sustainable Investments B.V.
Purpose of funding for Econic Technologies
With the latest capital infusion, Econic Technologies plans to aid in commercialising its catalyst and process technology. The respective technology enables CO2 to be used in the production of polymers.
What the CEO has to say
Keith Wiggins, CEO of Econic Technologies, said, “It is an exciting time for Econic! We are delighted to have the funds to commercialize our technology. We thank our existing and new investors for their support in completing this raise. With record high temperatures and soaring oil prices, the timing is right for Econic Technologies.”
What the investors have to say
Yvette Go, from Capricorn, said, “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 increase our commitment to Econic in line with that confidence.”
Dr Min Zhou, Managing Partner, CM Venture Capital, said, “CO2 utilization is critical in addressing climate change. We have been following Econic’s path to market for some time. With recent commercial agreements, we believe that Econic is at an inflexion point in the market and primed for growth. Econic clearly recognizes the importance of Asia to its business, and we believe that we can help with the globalization of its commercial expansion.”
Kamel Ramdani of G.C. Ventures, said, “As PTTGC businesses drive to reduce their carbon footprint, Econic’s technology shows significant potential in helping us adopt CO2 as a sustainable feedstock. We are excited to work with Econic as an investor but also as an industrial partner to help commercialize and industrialize their technology.”
Matthew Harwood from OGCI Climate Investments, said, “At OGCI CI, we have been a long-term investor and supporter of Econic. We are delighted that other leading Climate-tech funds are joining us in that story, and we look forward to working with them to build on this year’s commercial successes.”
About Econic Technologies
Prof. Charlotte Williams launched the company in 2011. The U.K-based Econic Technologies serves as a climate impact catalyst technology company. Its proprietary technology efficiently converts captured CO2 into usable raw material for manufacturing essential products. The company initially serves the polyurethane industry to make foams for insulation and mattresses, protective coatings, sealants, and adhesives.
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