Imperial Innovations Group plc (AIM: IVO, ‘the Group’, ‘Innovations’) announces that portfolio company Econic Technologies ('Econic' or the ‘Company’) has completed a £5.0 million funding round.
Innovations has committed £2.5 million to the round alongside existing investor Jetstream Capital and new investor Woodford Investment Management.
As of 31 January 2016, Innovations has a 56.1% holding in Econic with a net carrying value of £6.1 million. As a result of this investment the Group's holding will be 53.7%.
Econic Technologies is developing and commercialising novel catalyst technologies that can react captured CO2 with epoxides to produce polycarbonates. The funding will provide crucial support for the development of future catalyst generations and the expansion of Econic's facilities, thereby accelerating the commercialisation of Econic’s catalyst technology.
This latest round of investment is complemented by the recently announced Horizon 2020 SME award, which adds a further £2M of funding over the next two years.
Kelsey Lynn Skinner, Director of Tech Ventures, Imperial Innovations commented
“Econic Technologies continues to make substantial and exciting progress in commercialising its catalyst technology for incorporation of CO2 into polymers. We are delighted by the traction the company has already gained with large global partners and look forward to this next stage of company growth.”