Funding round for Imperial portfolio company Econic

Econic is developing catalysts that enable polycarbonate polyols and polymers, and subsequently polyurethanes and polycarbonates to be produced using CO2 as one of the feedstocks.  As a result, the proportion of petrochemicals in these materials is reduced.  Because raw materials costs can account for up to 80 per cent of the sales price of the finished product, it is expected that the reduced petrochemical content will translate to cost competitive products.

The catalysts have significant potential across the global polyurethanes and polycarbonates markets, which are worth around $20B and $11B respectively.  Polyurethanes are used for products ranging from car seats to insulation foam and polycarbonates are used for products ranging from drinking bottles to coatings.

Innovations and Norner Verdandi each invested £550K in this round.  The new funds will be used for Research and Development purposes, as well as scaling up the production process.

David Morgan, former Executive Director at Johnson Matthey, has joined the company as Chairman. Dr Charlotte Williams, Reader in the Department of Chemistry at Imperial College London, on whose research the company is founded, is Chief Scientific Officer.

Following the investment, Innovations holds a 43.3 per cent stake in the business. Jon Edington, Director  Investments at Imperial Innovations, will take a place on the board of Econic.