A climate tech company that specializes in producing advanced materials for carbon capture and other applications has successfully closed an £8m financing round. Leading the investment were Mercia Ventures and Aramco Ventures, alongside existing investors such as 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 Particles, a chemical manufacturing company spun out from the University of Nottingham, focuses on metal-organic frameworks (MOFs). This new funding will facilitate the establishment of a scaled-up manufacturing facility and team expansion, enabling the company to undertake additional projects showcasing the potential of MOFs in energy transition.
Recognized for their high surface area and customizable pore sizes, MOFs have proven to be effective in gas and liquid storage, carbon capture, and catalysis applications. Promethean has developed a proprietary continuous-flow reactor that not only enhances the throughput and cost-effectiveness of MOF production but also improves process reliability and consistency while maintaining critical quality standards. The company offers a diverse range of MOFs for various applications, including carbon capture and storage, biogas upgrading, water harvesting, and gas separation and storage.
James Stephenson, the CEO of Promethean, expressed his excitement about the Series A funding round, stating, “We are thrilled to have Mercia and Aramco Ventures join our team and support our business potential in advancing a viable carbon capture solution. Our innovative manufacturing technology enables the production of MOFs at a scale and cost effectiveness previously unseen.”
Mercia Ventures’ investment manager, Dr. Marina Fuentes, highlighted Promethean’s position in the MOF market, emphasizing the company’s innovative reactor technology that addresses cost and scalability challenges. Aramco Ventures’ head of strategic venturing, Bruce Niven, echoed the sentiment, recognizing the critical role Promethean plays in enabling cost-effective manufacturing of MOFs for widespread acceptance in various energy transition applications.
