Alderley Park, UK — Carbon dioxide to polyols start-up company Econic has completed a £7m ($ 9.8m) funding round.
The money will be used to help develop the company’s catalysts which turn carbon dioxide gas into useful chemicals such as polyols.
The company said it hopes ‘that by 2027, 30% of all polyol production will use Econic catalyst technologies’.
OGCI Climate Investments group invested in the company for the first time in this funding round.
The CEOs of 10 global oil and gas companies formed OGCI Climate Investments. It controls funds of $1bn.
OGCI invests in technologies which ‘have the potential to significantly reduce greenhouse gas emissions and which are commercially viable and scalable’, the company said.
Econic added that it will gain access to a network of oil and gas experts. It believes this could open the door to future opportunities.
Econic CEO Rowena Sellens said: ‘As the catalysts move from our labs to the customers’ factory floor, the funding will be vital to ensure that manufacturers around the world are able to benefit from our technology.’