Portfolio company Econic Technologies, has closed a £7m funding round. New investor OGCI Climate Investments now joins existing shareholders, IP Group plc and Woodford Investment Management. The funds will be used to help further develop Econic’s pioneering catalyst technologies, which enable waste CO2 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.
OGCI Climate Investments is 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 gives Econic Technologies access to an wide 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, said:
“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 said:
“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.”