TSP Ventures are pleased and excited to co-lead the latest funding round into Promethean Particles, joining existing investors Foresight Group, EMEGF managed by the British Business Bank and the University of Nottingham as well as other Angel investors.
Promethean Particles has developed the leading continuous flow manufacturing process for producing high-value nanomaterials at scale. This includes a class of versatile nanomaterials called metal-organic frameworks (MOFs) that are demonstrating a great deal of promise for large scale carbon capture. MOFs have incredibly high internal surface areas (up to 7,000 metres squared per gram) which, along with other critical properties, means they can selectively capture target gas molecules such as carbon dioxide.
Mike Doswell, Co-Founder at TSP Ventures said “We are delighted to be joining the Promethean Particles team and becoming a part of their onward journey. On the current trajectory, global warming is predicted to reach 2.7°C by 2100. Hitting the 1.5°C target established in the 2015 Paris Agreement will require a 45% reduction in annual global emissions by 2030. However, even with all the current climate pledges and commitments, global emissions are set to increase significantly over this period.
At TSP, we believe that hitting, or even getting close to this target without carbon capture is now virtually impossible. Bringing down the cost of carbon capture (both point-source and Direct Air Capture) is essential and as Venture Capitalists, we believe it is our role to support emerging, World-changing technologies through the difficult development period to full commercialisation. Under the experienced leadership of CEO James Stephenson, we are certain that the Promethean team have all the necessary knowledge and expertise to scale this technology.”
James Stephenson, CEO of Promethean Particles commented, “We are delighted to receive this new investment from TSP Ventures in addition to the continued support from Foresight, the University, the British Business Bank and some of our private individual investors. TSP joining the Promethean team with their climate-focused investment thesis is a strong endorsement for our strategic focus. We look forward to benefitting from their experience in this space as we drive towards a more energy-efficient carbon capture solution via MOFs.”
