6 Jul 2016 07:00
6 July 2016
Imperial Innovations Group plc
Econic raises £5m to develop novel catalyst technology
Imperial Innovations Group plc (AIM: IVO, 'the Group', 'Innovations') announces that portfolio company Econic Technologies ('Econic' or the 'Company') has completed a £5.0 million funding round.
Innovations has committed £2.5 million to the round alongside existing investor Jetstream Capital and new investor Woodford Investment Management.
As of 31 January 2016, Innovations has a 56.1% holding in Econic with a net carrying value of £6.1 million. As a result of this investment the Group's holding will be 53.7%.
Econic Technologies is developing and commercialising novel catalyst technologies that can react captured CO2 with epoxides to produce polycarbonates. The funding will provide crucial support for the development of future catalyst generations and the expansion of Econic's facilities, thereby accelerating the commercialisation of Econic's catalyst technology.
This latest round of investment is complemented by the recently announced Horizon 2020 SME award, which adds a further £2 million of funding over the next two years.
Kelsey Lynn Skinner, Director of Tech Ventures, Imperial Innovations commented:
"Econic Technologies continues to make substantial and exciting progress in commercialising its catalyst technology for incorporation of CO2 into polymers. We are delighted by the traction the company has already gained with large global partners and look forward to this next stage of company growth."
For further information contact:
Imperial Innovations Group plc | 020 3053 8834 |
Russ Cummings, Chief Executive Officer Jon Davies, Director of Communications
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Instinctif Partners | 020 7457 2020 |
Adrian Duffield/Melanie Toyne-Sewell/Chantal Woolcock
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J.P. Morgan Cazenove (Nominated Adviser) | 020 7742 4000 |
Michael Wentworth Stanley/Alec Pratt
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Cenkos Securities | 020 7397 8926 |
Stephen Keys |
Notes to editors
About Imperial Innovations - www.imperialinnovations.co.uk
Imperial Innovations Group plc ("Innovations") creates, builds and invests in pioneering technology companies and licensing opportunities developed from outstanding scientific research from the 'Golden Triangle', the geographical region broadly bounded by London, Cambridge and Oxford. This area has an unrivalled cluster of outstanding academic research and technology businesses, and is home to four of the world's top 10 universities, as well as leading research institutions, the cream of the UK's science and technology businesses and many of its leading investors.
Innovations supports scientists and entrepreneurs in the commercialisation of their ideas, through the licensing of intellectual property, by leading the formation of new companies, by recruiting high-calibre management teams and by providing investment and encouraging co-investment. Innovations remains an active investor over the life of its portfolio companies, with the majority of Innovations' investment going into businesses in which it is already a shareholder.
Since becoming a public company in 2006, Innovations has raised more than £440 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has agreed £80.0 million in loan facilities from the European Investment Bank (EIB).
Between Innovations' admission to AIM (August 2006) and 31 July 2015, Innovations had invested a total of £236.8 million across its portfolio companies, which had raised collectively investment of £1.3 billion.