Promethean Particles, a ClimateTech company based in Nottingham, has secured £8 million in funding to produce advanced materials for carbon capture and other applications. The startup specializes in the production of metal-organic frameworks (MOFs) which consist of metal ions connected by organic molecules to form a porous, lattice-like structure. MOFs can trap and store gases and liquids more efficiently than traditional materials, making them ideal for applications like gas storage, carbon capture, and catalysis.
The financing was led by Mercia Ventures and Aramco Ventures, with participation from existing investors like the Midlands Engine Investment Fund I, the University of Nottingham, TSP Ventures, and the East Midlands Early Growth Fund. The company intends to use the funds to build a scaled-up manufacturing facility, expand its team, and focus on 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 of Promethean Particles. “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.”
According to Dr Marina Fuentes, investment manager at Mercia Ventures, Promethean Particles is in a unique position to capitalize on the fast-growing MOF market through its 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 commercialization at scale,” Fuentes added.
