Econic welcomes new investment to accelerate CO₂ polyols and surfactants

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Oct 15, 2024, 03:00 ET

MACCLESFIELD, England, Oct. 15, 2024 /PRNewswire/ -- Econic Technologies, a deep tech company focused on renewable carbon, has closed an equity fundraising round that will accelerate delivery for its customers in the polyols market and support the commercialisation of its new CO₂ surfactant technology. The round was led by new investor Taranis Carbon Ventures with follow-on investment from Capricorn Partners, CM Venture Capital, ING Sustainable Investments and GC Ventures.

Econic offers a patented process based on a unique catalyst that replaces fossil-based feedstocks with renewable carbon. The company licenses its technology to polyols and surfactants manufacturers that supply global consumer brands and manufacturers. Econic's technology has applications in furniture and mattresses, automotive, paint and coatings, home and personal care, construction, and textiles and apparel. It can reduce carbon footprint and cost along the value chain while improving the performance and circularity of products.

"Renewable carbon is not just about reducing emissions. It's about reshaping industry. Our investment in Econic Technologies aligns with our commitment to driving sustainable innovation and creating lasting value for future generations," said David Sorin, Managing Director of Taranis Carbon Ventures.

"Our customers in the US, China, and other regions plan on bringing CO₂ polyols to market in the coming months. But climate change is looming, and the renewable carbon economy can't come fast enough. This fresh injection of capital will help accelerate delivery of sustainable polyols and new CO₂ surfactants, so that more consumer brands and industrial companies can switch to renewable materials and meet their sustainability targets sooner," said Econic CEO Keith Wiggins.

About Econic Technologies
Econic Technologies is a UK-based deep tech company focused on renewable carbon. Its innovative catalyst and process technology allows manufacturers to produce polymers based on CO₂ instead of petrochemicals. The use of CO₂ enhances sustainability while creating more cost-effective, higher-performing end products. Econic licenses its technology to polyols and surfactants manufacturers that supply some of the world's most iconic consumer brands. Econic was founded in 2011 by Dr. Charlotte Williams at Imperial College London. The company is part of Cleantech Group's Global Cleantech 100. Its global headquarters are in Alderley Park, UK just outside of Manchester.

About Taranis
Taranis is the investment and asset management arm of the Perenco Group, aiming to support sustainable development through four distinct funds. These include Taranis Carbon Ventures, a VC that invests in technologies to accelerate carbon circularity, such as Econic Technologies, which aligns with Taranis' mission to reduce environmental impact while unlocking value. In addition to Taranis Carbon Ventures, Taranis also manages Taranis Energy for Africa, Taranis Decommissioning Fund, and Taranis Nature-Based Solutions—all contributing to the core commitment to drive sustainability across various sectors.

For more information, or to contact Taranis, please visit www.taranis.eu.

About Capricorn Partners
Capricorn Partners is an independent manager of private and quoted equity funds that invest in minority shareholding positions of innovative companies with technology as a competitive advantage. Capricorn Digital Growth Fund invests in early-stage growth companies leveraging deeptech innovations to turn data into actionable insights, to enable business and healthcare. Visit the Capricorn Partners website to learn more.

About CM Venture Capital
CM Venture Capital is a leading venture capital firm that invests in renewable carbon, advanced materials science and hard technologies. Backed by Fortune 500 companies – BASF, BAT, GE, Henkel, Heraeus, Petronas, Samsung, SABIC – CM Venture Capital has a global reach and a strong network in China. CM Venture Capital partners with ambitious entrepreneurs to build companies that address challenges in decarbonization, digital transformation, energy transformation and material transformation. Visit cmventure.net for more information.

About ING Sustainable Investments
ING Sustainable Investments is the EUR 500 million sustainable investment fund of ING committed to sustainable startups, scale-ups and mature companies that have a proven technology or business concept and make a positive environmental impact to the energy transition and circular economy. ING is a global financial institution with a strong European base offering banking services through its operating company ING Bank. ING Bank's objective is to enable people to stay one step ahead, both privately and professionally. ING Bank's more than 60,000 employees offer retail and corporate banking services to customers in over 40 countries. For more information or to contact ING Sustainable Investments, please visit ING Sustainable Investments.

About GC Ventures
GC Ventures is a wholly owned subsidiary by PTT Global Chemical Public Company Limited (GC). We discover breakthrough innovations to solve global challenges and to meet the needs of businesses and lifestyles of today and tomorrow. We are focusing on strategic investments and collaborations with related startups and also investing in venture capital funds around the world to co-create solutions and enhance their readiness to scale in order to accelerate growth in innovations and businesses for GC's sustainable growth. GC Ventures has offices in Bangkok, Thailand and Massachusetts, USA. Visit the GC Ventures website to learn more.

SOURCE Econic Technologies