Nottingham-based climate tech company Promethean Particles has successfully raised £8 million (approximately €9.3 million) in a recent funding round. The investment was led by Mercia Ventures and Aramco Ventures, with participation from existing backers, including the Midlands Engine Investment Fund, the University of Nottingham, TSP Ventures, and the East Midlands Early Growth Fund.
Promethean Particles specializes in developing advanced materials known as metal-organic frameworks (MOFs), which are crucial for carbon capture and other environmental applications. The company has pioneered a continuous-flow reactor that enhances the efficiency and scalability of MOF production, making it more cost-effective and reliable. These materials are used for capturing carbon, upgrading biogas, harvesting water, and gas storage.
With the new funds, Promethean aims to expand its manufacturing capabilities by establishing a larger production facility and increasing its team. The company already operates the world’s largest MOF production plant in Nottingham, with an annual capacity of 1,000 tonnes.
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Strategic Growth and Industry Impact
James Stephenson, CEO of Promethean Particles, emphasized the significance of this funding as a milestone in the company’s growth, stating, “This investment is a strong endorsement of our technology and its potential to make a significant impact on global carbon capture efforts. We are excited to welcome Mercia and Aramco Ventures to our team as we continue to scale our operations.”
Promethean’s technology offers a promising solution for the energy transition, providing a more efficient and space-saving alternative to traditional carbon capture methods. The new facility will allow Promethean to undertake more projects and further demonstrate the potential of MOFs in reducing carbon emissions.
Investor Confidence in MOF Technology
Dr. Marina Fuentes of Mercia Ventures highlighted Promethean’s unique position in the growing MOF market, noting the company’s innovative approach to overcoming the challenges of cost and scalability. Bruce Niven from Aramco Ventures also expressed confidence in Promethean’s ability to scale MOF production, which is essential for unlocking the widespread adoption of these materials in the energy sector.
With this significant funding, Promethean Particles is poised to advance its role in the global fight against climate change by scaling its innovative carbon capture technology and expanding its reach in the market.
