University of Nottingham spin-out set to create 36 jobs after £8m funding round
Promethean Particles, aUniversity of Nottingham spin-out and a chemical manufacturing company specialising in metal-organic frameworks (MOFs) has completed an £8m funding round.
The funding will allow the company to build a larger manufacturing facility, expand its team and pursue additional projects focused on energy transition applications.
There is currently a team of 11, with the company expecting to create 36 new jobs in the next three years.
It has developed a unique continuous-flow reactor that improves MOF (materials made of metal ions connected by organic molecules, forming a porous, lattice-like structure) production efficiency and cost-effectiveness while maintaining high quality.
Promethean currently produces a wide range of MOFs for various applications, including carbon capture, biogas upgrading, water harvesting, and gas separation and storage.
The investment was led by Mercia Ventures and Aramco Ventures, with support from existing investors, including the Midlands Engine Investment Fund I, the University of Nottingham, TSP Ventures, and the East Midlands Early Growth Fund.
James Stephenson, chief executive officer of Promethean, said: “The closing of our Series A round represents a significant milestone in the Company’s growth journey, and we are delighted to welcome Mercia and Aramco Ventures to the Promethean team. 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.
“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. I couldn’t be prouder of the Promethean team for all that they have accomplished to help make this investment a reality.”
Dr Marina Fuentes, investment manager at Mercia Ventures, said, “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. We are thrilled to support a highly capable team and cutting-edge technology that has been developed over 15 years and is now ripe for commercialisation at scale. We are also excited to partner with Aramco Ventures, whose strategic expertise will bring significant value to the Board.”
