Econic Technologies (Econic), a British company using advanced technology to recycle carbon dioxide for use as a raw material in polymer production, secured a £10.4 million investment from GC Ventures Company Limited (GC Ventures), a subsidiary of PTT Global Chemical Public Company Limited (GC).
GC plans decarbonization investments of up to $1 billion by 2030 and even more in the next decade to achieve a Net Zero target by 2050 with long-term sustainable business growth.
British startup Econic develops catalyst technologies to convert captured CO2 efficiently back into a raw material that can then be used in the manufacturing of essential products for the polyurethane industry, including insulation and structural foams, protective coatings, sealants, and adhesives.
Econic Technologies plans to use the new funding to commercialize its catalyst and process technology, which enables CO2 to be used in the production of polymers.
Keith Wiggins, CEO of Econic Technologies, said: “It is an exciting time for Econic! We are delighted to have the funds to commercialize our technology and thank our existing and new investors for their support to complete this raise. With record high temperatures and soaring oil prices, the timing is right for Econic Technologies.”
“CO2 utilization is critical in addressing climate change. We have been following Econic’s path to market for some time. With recent commercial agreements, we believe that Econic is at an inflexion point in the market and primed for growth. Econic clearly recognizes the importance of Asia to its business, and we believe that we can help with the globalization of its commercial expansion,” said Min Zhou, Managing Partner at CM Venture Capital....