LONDON -- Catalyst developer Econic Technologies Ltd. has secured a £5.1 million ($8.3 million) cash injection to develop its technology for manufacturing polymers from carbon dioxide.
Econic Technologies' carbon dioxide based polycarbonate and polyols replace between 30-50 percent of traditional petrochemical feedstock resulting in 30-40 percent cost reductions, said the firm.
Chairman 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 commercializing 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 U.S.-based Jetstream Capital.