Promethean Particles, a Nottingham-based climate tech company focusing on advanced materials for carbon capture, has successfully raised £8M in new funding. The company’s innovative approach involves using metal-organic frameworks (MOFs) for various applications, including carbon capture, biogas upgrading, and water harvesting. This latest funding round was led by Mercia Ventures and Aramco Ventures, with significant contributions from existing investors such as the University of Nottingham and the Midlands Engine Investment Fund.
In 2022, Promethean Particles completed a smaller funding round aimed at scaling up its proprietary continuous-flow reactor technology. At that time, the company’s focus was mainly on research and development. In contrast, this new round of funding will enable commercial-scale production, marking a significant shift in the company’s business strategy. Compared to other startups in the sector, Promethean’s ability to produce MOFs at scale and cost-effectively has set it apart. Historically, other companies have struggled with the high costs and scalability issues associated with MOF production.
Powering the Energy Transition
Promethean Particles emerged from research conducted by Professor Ed Lester at the University of Nottingham. The company has pioneered the use of metal-organic frameworks (MOFs) to combat climate change. MOFs are advanced materials with a porous structure, enabling them to store substantial quantities of gases or liquids. Promethean’s continuous-flow reactor enhances the efficiency of MOF production, thereby reducing costs and improving reliability. The company’s MOFs are used in various applications such as carbon capture, biogas upgrading, and water harvesting. Promethean operates the world’s largest MOF manufacturing plant, with a capacity of 1,000 tonnes per year, in Nottingham, UK.
Capital Utilisation
The newly secured funds will allow Promethean Particles to set up a larger manufacturing facility, expand its team, and undertake more projects. These initiatives will further demonstrate the potential of MOFs in energy transition applications. CEO James Stephenson stated,
“The closing of our Series A round represents a significant milestone in the company’s growth journey, and we are delighted to welcome Mercia and Aramco Ventures to the Promethean team. 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.”
Stephenson also highlighted the importance of developing viable carbon capture solutions to mitigate climate change, emphasizing the promise shown by MOFs and Promethean’s capability to produce them at an unprecedented scale and cost-effectiveness.
Investor Perspectives
Dr. Marina Fuentes, investment manager at Mercia Ventures, commented on the strategic investment, stating,
“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.”
She added that Mercia Ventures is thrilled to support a capable team and a cutting-edge technology that is ready for commercialisation. Bruce Niven, head of strategic venturing at Aramco Ventures, also noted,
“MOFs are an emerging class of materials with unique properties and wide-ranging applications including several in the energy transition domain. Promethean offers new capabilities to scale manufacturing of MOFs cost-effectively, which is a critical ingredient in unlocking the potential for these materials to gain widespread acceptance.”
Aramco Ventures is focused on investing in technologies that facilitate operational decarbonisation, new lower-carbon fuels, and digital transformation. Their investment in Promethean aligns with their broader strategy to support technologies critical to Aramco’s global operations.
Promethean Particles’ recent funding round signifies a pivotal moment for the company as it transitions from research and development to commercial-scale production. The new manufacturing capabilities and expanded team will enable Promethean to meet the growing demand for MOFs, which are crucial for various energy transition applications. Investors like Mercia Ventures and Aramco Ventures recognise the potential of Promethean’s technology to address significant bottlenecks in scalability and cost, making this investment a strategic move towards advancing climate tech solutions. As the world continues to seek effective carbon capture technologies, Promethean’s advancements in MOF production could play a crucial role in mitigating climate change.
