A business developed using technology formulated at Imperial College London has secured the capital it needs to grow.
Econic Technologies has closed the new funding round, with contributions coming from Imperial Innovations and Jetstream Capital.
Based in London, Econic Technologies is developing a new catalyst technology for manufacturing polymers from waste carbon dioxide.
The new funding builds on the £1.1 million of capital Econic Technologies secured back in February 2012 from Imperial Innovations and Norner Verdandi.
Under the terms of the new deal, Imperial Innovations are contributing £2.1 million of cash and will hold a 48.3 per cent stake in the business. New backer Jetstream Capital, a US-based family fund, has a focus on companies with high environmental or social impact.
Econic Technologies catalytic process uses carbon dioxide as a feedstock, replacing petrochemical-based feedstocks and ensuring a cost reduction in the production of polymers.
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David Morgan, executive chairman of Econic Technologies, comments, ‘This additional funding will allow us to accelerate the next phase of our development and to intensify our engagement with customers.’
The technology being developed is based on the research of Charlotte Williams and her team at Imperial College London.
Imperial Innovations is connected with four universities through its commercialisation investing: Imperial College London, Cambridge and Oxford Universities and University College London.
Kelsey Lynn, director for technology ventures at Imperial Innovations, says, ‘Econic represents an important example of our investment in strong companies with major potential impact on their market; it has made great progress with it polymer technology and we are pleased to be supporting Econic as it scales and commercialises its solutions.’
