Nottingham-based startup Promethean Particles has secured an £8m Series A investment to scale manufacturing of its advanced materials for carbon capture.
Founded as a spinout from the University of Nottingham, Promethean Particles manufactures metal-organic frameworks (MOFs), a material made of interconnected metal ions and organic molecules.
The high surface area and porous structure of MOFs make them effective materials for trapping and storing gases. Promethean is developing these materials for the carbon capture industry, a climate tech method that traps and stores carbon that has been released into the atmosphere.
“It is increasingly evident that a viable carbon capture solution is required to help mitigate the effects of climate change,” said James Stephenson, chief executive officer of Promethean.
“MOFs show significant promise as a technological solution and Promethean’s manufacturing technology enables their production at unprecedented scale and cost-effectiveness.”
The cash injection will support the startup’s goal of establishing an MOF manufacturing facility at scale.
The investment was led by Mercia Ventures and Aramco Ventures – the investment arm of Saudi Arabian fossil fuel giant Aramco.
Additional funding came from existing investors the Midlands Engine Investment Fund I, the University of Nottingham, TSP Ventures and the East Midlands Early Growth Fund.
“Promethean Particles is uniquely positioned to capitalise on the fast-growing MOF market through their innovative manufacturing reactor technology, which addresses the bottlenecks of cost and scalability,” said Dr Marina Fuentes, investment manager at Mercia Ventures.
“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 commercialisation at scale.”
Read more: How are startups supporting UK carbon capture goals?