PhosphonicS raises £3.5M for catalyst recovery technology

Funding

PhosphonicS, a spin-out from Queen Mary University of London, has closed a second round financing of £3.5 million in a deal led by Seventure Partners with existing backers Regents Park Partners, an LBS venture capital fund, and private investors.

The new capital will be used principally to fund the development of a range of precious metal catalyst recovery products. At present these extremely expensive metals, for example, platinum, rhodium and palladium, are lost in waste streams.

PhosphonicS says its precious metal scavenger products will reduce the cost of recovering these valuable metals, eliminating waste and improving process economics.

The money will allow the company to expand its core team, accelerate the launch of the precious metal scavenger product range in international markets, and continue the development of further applications based on its proprietary chemistry.

“The success of this funding round is a great vote of confidence in our unique technology and the dedication and enthusiasm of the team that has been developing since the company was spun out of Queen Mary University of London,” said David Astles, PhosphonicS' CEO.

“Our most recent results from successful plant scale trials clearly demonstrate the potential of our technology, and have caught the interest of customers and potential partners throughout our target markets.”

Seventure General Partner, Isabelle de Cremoux, said, “PhosphonicS is an exciting company based around a novel chemistry platform. The company has already sold its scavengers commercially. With technology and market potential already validated through customer traction, PhosphonicS represents a compelling investment opportunity for us in the Cleantech area. PhosphonicS is Seventure’s first investment in the UK.”

Iain Wilcock of Seventure will join PhosphonicS’ Board of Directors.