London -- Catalyst developer Econic Technologies has secured a £5.1m (EUR 6.1m) cash injection to develop its technology for manufacturing polymers from carbon dioxide.
Econic Technologies’ carbon dioxide based polycarbonate-polyols replace between 30% and 50% of traditional petrochemical feedstock resulting in 30% to 40% cost reductions, said the firm.
Executive chairman at Econic Technologies David Morgan said: “This additional funding will allow us to accelerate the next phase of our development and to intensify our engagement with customers.
“We are very pleased with the confidence our investors are showing in our technology and its potential,” he added.
The investment will allow Econic Technologies to scale up and start commercialising its technology for polyurethane polyols and long-chain polycarbonates.
The grant was put forward by Imperial Innovations – the funding arm of Imperial College London and US-based Jetstream Capital.