Promethean Particles Ltd, a leading global supplier of industrial scale, cost-effective metal-organic frameworks (MOFs) and other nanomaterials, announces the completion of a GBP £1.5M (million) funding round.
The round was co-led by new investors TSP Ventures, along with existing investors Foresight Group LLC (acting as fund manager for Midlands Engine Investment Fund), University of Nottingham, British Business Bank (acting as fund managers for East Midlands Early Growth Fund), and several existing private investors.
“The completion of this round is a huge step forward for Promethean,” said James Stephenson, Chief Executive Officer at Promethean Particles. “I joined the company in late 2020 and the Board was clear new funding would be required. The continued support and investment from Foresight, the University and the British Business Bank has been great to see.”
TSP Ventures is a venture capital firm supporting environmental and climate technology start-ups and early-stage businesses.
Promethean recently re-focused on the industrial scale, cost-effective manufacture of metal-organic frameworks (MOFs) as an energy-efficient technology for the rapidly growing carbon capture sector. The company has made significant progress increasing the technology readiness level of MOFs in carbon capture applications, developing new intellectual property, advancing its reactor systems, and building a strong commercial foundation.
“Promethean was built around our patented reactor technology that allows the volume manufacture of MOFs,” continued Stephenson. “An application-focused strategy was needed to demonstrate the potential of these materials and drive their broader adoption. TSP joining us is a great endorsement of our strategic pivot.”
Mike Doswell, CFA, co-Founder at TSP Ventures said “We are delighted to be joining Promethean at this exciting time. There is no question that large-scale carbon capture will be needed over the coming decades to meet global warming targets. Finding and backing next generation carbon capture technologies is a core part of our thesis and as is often the case with advanced materials, producing them at high-scale and low-cost is critical to rapid progress. With Promethean’s patented reactor, the team are well down the road of solving this issue for MOFs and unlocking their true potential in carbon capture.”
“My original reactor designs have served the company well, but the immense challenge posed by climate change and the required quantities of MOFs for carbon capture applications, necessitated another step forward,” said Prof Ed Lester, founder and Chief Scientific Officer of Promethean. “Our current capability puts us at the forefront of how to scale MOFs. We are today solving problems that many are not yet aware need to be tackled. We have recently trialled some new reactors that were designed around the specific requirements of MOFs. The results have been incredibly encouraging and we are in the process of filing new patents.”