- Promethean Particles secured £8 million in Series A funding led by Mercia Ventures and Aramco Ventures.
- Investment partners include Mercia Ventures, Aramco Ventures, and several existing investors.
- Promethean’s MOF technology is crucial for carbon capture, gas separation, and other energy transition applications.
- The funding will enable Promethean to build a larger manufacturing facility, expand its team, and scale up operations.
Promethean Particles, a leading climate tech company based in Nottingham, has secured a significant £8 million Series A investment to accelerate the scale-up of its advanced metal-organic framework (MOF) manufacturing.
The investment round was led by Mercia Ventures and Aramco Ventures, with support from existing investors, including the Midlands Engine Investment Fund (managed by Foresight), the University of Nottingham, TSP Ventures, and the East Midlands Early Growth Fund (managed by the British Business Bank).
What Are MOFs and Why They Matter
Metal-organic frameworks (MOFs) are a cutting-edge class of materials that have captured the attention of industries across the globe. These materials are composed of metal ions linked by organic molecules, forming a highly porous, lattice-like structure.
This unique architecture endows MOFs with an exceptionally high surface area and customizable pore sizes, making them incredibly effective at trapping and storing gases and liquids. Because of these properties, MOFs are being explored for a wide range of applications, including gas storage and separation, carbon capture, and catalysis.
Promethean’s Vision and Technology
Promethean Particles has developed a proprietary continuous-flow reactor technology that represents a significant leap forward in the production of MOFs.
Unlike traditional batch production methods, Promethean’s technology dramatically increases the throughput of MOF production while slashing costs. This continuous-flow reactor not only boosts the scalability of MOF manufacturing but also enhances process reliability and consistency without compromising critical quality parameters.
James Stephenson, the CEO of Promethean, highlights the importance of the new investment in advancing Promethean’s mission. He notes that closing the Series A round is a crucial milestone for the company’s growth.
He expresses excitement about welcoming Mercia and Aramco Ventures to the team and appreciates their confidence in the company’s potential. Stephenson emphasizes that the world urgently needs viable carbon capture solutions and believes that MOFs hold great promise as a technological answer.
He points out that Promethean’s manufacturing technology enables the production of MOFs at an unprecedented scale and is cost-effective. He expresses pride in the team’s achievements, which have made this investment a reality.
The Strategic Importance of the Investment
The investment from Mercia Ventures and Aramco Ventures is not only a financial boost. It brings strategic value to Promethean Particles. Dr. Marina Fuentes is an investment manager at Mercia Ventures who highlights the significance of Promethean’s technology in the MOF market that is growing.
Promethean Particles is uniquely positioned to capitalize on the MOF market that is rapidly expanding. Their innovative reactor technology addresses challenges of cost and scalability which have hindered the broader adoption of MOFs. The team has developed this cutting-edge technology over 15 years and is now ready for large-scale commercialization.
Aramco Ventures is known for its strategic investments in energy transition technologies. Promethean’s capabilities are seen as a vital component in the wider adoption of MOFs. Bruce Niven is the head of strategic venturing at Aramco Ventures.
MOFs are an emerging class of materials with unique properties that have broad applications, especially in the energy transition sector.
Promethean offers the capability to scale MOF manufacturing cost-effectively which is crucial for unlocking their potential and gaining widespread acceptance. Aramco Ventures is pleased to partner with Promethean, a company that is at the forefront of innovation in this space.
Future Plans and Impact
With this new influx of capital, Promethean Particles is poised for significant growth. The company plans to use the investment to build a scaled-up manufacturing facility, expand its team, and embark on further projects that will demonstrate the potential of MOFs in energy transition applications.
The expanded manufacturing capabilities will allow Promethean to meet the growing demand for MOFs in various industries, including carbon capture and storage (CCS), biogas upgrading, water harvesting, and gas separation and storage.
This investment aligns with Promethean’s broader mission to provide innovative solutions to global challenges, particularly in the context of climate change. The ability to produce MOFs at scale will be a game-changer in the fight against climate change, offering a viable solution for carbon capture and other critical applications.
Looking Ahead
Promethean Particles £8 million Series A investment marks a pivotal moment in the company’s journey. With the backing of prominent investors like Mercia Ventures and Aramco Ventures, Promethean is well-positioned to scale its MOF manufacturing technology and drive meaningful impact in the energy transition sector.
As the world grapples with the urgent need for carbon capture solutions, Promethean’s advanced MOF technology could play a crucial role in mitigating the effects of climate change. The future looks promising for this innovative company as it continues to push the boundaries of what is possible in MOF manufacturing.
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Last Updated on August 14, 2024 by Safiya K
