Promethean Particles, a ClimateTech company that produces advanced materials for carbon capture and other uses, has closed an £8 million financing round.
The Nottingham startup manufactures metal-organic frameworks (MOFs), a class of materials composed of metal ions interconnected by organic molecules to form a porous, lattice-like structure.
Their high surface area and customizable pore sizes allow them to trap and store gases and liquids efficiently – highly effective for applications such as gas storage and separation, carbon capture and catalysis.
The investment was led by Mercia Ventures and Aramco Ventures, with participation from existing investors including the Midlands Engine Investment Fund I (Equity Finance fund, managed by Foresight), the University of Nottingham, TSP Ventures, and the East Midlands Early Growth Fund (managed by the British Business Bank).
Promethean will now build a scaled-up manufacturing facility, expand its team and implement further projects that demonstrate the potential of MOFs in energy transition applications.
“We are extremely grateful for the trust they have placed in us and are excited by their recognition of our business potential and the impact we can have on the world,” said James Stephenson, CEO.
“It is increasingly evident that a viable carbon capture solution is required to help mitigate the effects of climate change. MOFs show significant promise as a technological solution and Promethean’s manufacturing technology enables their production at unprecedented scale and cost-effectiveness.”
Dr Marina Fuentes, investment manager at Mercia Ventures, added: “Promethean Particles is uniquely positioned to capitalise on the fast-growing MOF market through their innovative manufacturing reactor technology, which addresses the bottlenecks of cost and scalability.
“We are thrilled to support a highly capable team and a cutting-edge technology that has been developed over 15 years and is now ripe for commercialisation at scale.”