Alderly Park, UK – Econic has raised £5m of an £8.5m ($10.6m) funding round to prepare the commercialisation of its carbon dioxide to polyols technology.
Econic raises funds aims for commercialisation in 2023
CEO Keith Wiggins, said that the company's next goals are to sign its first commercial licenses in early 2023 and to break even in 2024. 'It's all hands on deck to make that happen,' he said.
Wiggins' team is also starting to build demand for the products in the marketplace. 'The stars are starting to align, with the high price of oil at the moment, carbon dioxide will be available for ever,' he said.
He confirmed that Econic had signed heads of agreement with Indian polyol producer Manali in September 2021 and added that the technology is a beautiful fit for what they are trying to do. 'They will be one of our first commercial licensees,' he explained.
Econic expects to raise the remainder of the investment in the next few weeks. 'That should be the close of the equity fund raising,' he added.
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