British catalyst technology company, Econic Technologies, has announced the successful completion of its latest round of fundraising. The total amount raised is £7m - almost €8m - with first-time investment from OGCI Climate Investments, alongside additional funds from existing shareholders: IP Group plc and Woodford Investment Management. OGCI Climate Investments, a voluntary initiative led by CEOs of ten global oil and gas companies that invests in commercially viable and scalable technologies and business models that have the potential to significantly reduce greenhouse gas emissions.
Pratima Rangarajan, CEO of OGCI Climate Investments, said 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.”
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.
The company will use the funds to advance Econic’s pioneering catalyst technologies. Econic Technologies has developed technology to use waste CO2 as a feedstock for the production of polyols, thus enhancing margins and reducing the reliance on fossil fuels.
“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,” said Rowena Sellens, CEO of Econic Technologies.
By 2027, the team would like to see 30% of all polyol production taking place using Econic’s catalyst technologies. This would mean a potential saving of 3.5 million tonnes of CO2 emissions each year – the equivalent to taking some two million cars off the road.