Promethean Secures €2.4M in EIC Accelerator Funding

Published October 31, 2023

Promethean Particles (“Promethean” or the “Company”), the UK-based, leading global provider of industrial scale, cost-effective advanced materials, is pleased to announce it has been awarded €2,415,767 from the European Innovation Council (EIC) Accelerator, as part of its third 2023 cut-off in June. The grant funding, awarded for Project REMBRANDT – ‘Rapidly AccElerating MOF-Based SoRbents as A Novel Decarbonisation Technology’ – will be used to advance the scale-up of Promethean’s metal-organic frameworks (MOFs) to meet rapidly growing customer demand.

“We’re delighted to be awarded this very significant and prestigious funding by the EIC,” said James Stephenson, Chief Executive Officer of Promethean. “Two years ago, we made the bold decision to re-focus the company towards the production of MOFs for applications used as part of the energy transition. The world needs a more energy-efficient carbon capture solution and MOFs have the potential to offer that if they can be produced at industrial scale, with the right quality and cost-effectively. This award will help us deploy the numerous advantages of our proprietary technology and help the continuation of our mission to unleash that potential.”

“To succeed in such an incredibly competitive process is testament to the skills, experience, and passion of the entire Promethean team. I couldn’t be prouder of them for what they bring to work every day and the sacrifices they make. I’d also like to congratulate all the other award winners.”

The EIC Accelerator is a highly competitive, multi-phase process. From 648 initial applications, 140 companies were invited to an interview by a jury of experienced investors and entrepreneurs. At interview, companies were required to give a 10-minute pitch and were subjected to a broad range of questions covering matters relating to their business plan, technology, intellectual property, marketing, finance, and human resources. From the interview phase, just 47 companies were selected for funding and will now share nearly €350 million of funding.

Selina Ambrose, Product Manager at Promethean commented, “Promethean has a strong track-record of securing both UK and EU grant funding that has demonstrably aided the development of our company and technology. We recently filed two new patents, one of which significantly advances the art of our continuous-flow reactors for the production of MOFs. REMBRANDT will allow us to accelerate the deployment of complementary downstream processing to enable the delivery of our industry-leading MOFs, at the scale, cost, and quality, required by our growing customer base.”

Download the full press release here.

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