1 The EIC Accelerator Project

The EIC Accelerator program is a pivotal initiative within the European Innovation Council (EIC) aimed at supporting small and medium-sized enterprises (SMEs), particularly those focused on deep tech and innovative solutions. The program is designed to provide both funding and strategic support to startups and scale-ups to facilitate the development and commercialization of breakthrough technologies.

Funding Structure

The EIC Accelerator offers two primary forms of funding: grants and equity investments. The grant component allows companies to secure funding of up to €2.5 million, which is aimed at covering the costs associated with the development and market entry of innovative products or services. This funding is particularly beneficial for startups in the early stages of development, allowing them to advance their projects without the immediate pressure of repayment.

In addition to grants, the EIC Accelerator provides equity investments, which can reach up to €15 million until 2024, and up to €10 million from 2025 onwards. This equity funding is intended to support companies in scaling their operations, enhancing their market presence, and attracting additional private sector investment. The combination of grant funding and equity investment allows companies to leverage public funding while still engaging with private investors, ensuring a balanced approach to financial growth.

Purpose and Role in the Ecosystem

The EIC Accelerator plays a crucial role in the European deep tech and startup ecosystem by fostering innovation and encouraging entrepreneurship. By providing substantial financial support and resources, the program helps mitigate the risks associated with developing groundbreaking technologies. The EIC Accelerator also aims to bridge the funding gap that often exists for high-risk, high-reward projects, making it easier for innovative companies to transition from the research phase to market readiness.

Moreover, the EIC Accelerator enhances the visibility of selected companies, thereby increasing their attractiveness to private investors. The program's backing can serve as a stamp of approval, instilling confidence in potential partners and investors. This catalytic effect is instrumental in helping companies scale their operations and reach new markets.

Case Study: PROMETHEAN PARTICLES LTD and the REMBRANDT Project

One notable winner of the EIC Accelerator is Promethean Particles Ltd, which secured funding for its project titled REMBRANDT (Rapidly accElerating Mof-Based soRbents as A Novel Decarbonisation Technology). The company submitted its Step 2 proposal on June 21, 2023, and subsequently advanced through the rigorous selection process, culminating in a successful Step 3 interview.

Project Overview

The REMBRANDT project focuses on the development and commercialization of metal-organic framework (MOF)-based sorbents designed for significant carbon dioxide (CO2) capture. This innovative technology addresses the pressing challenge of decarbonization by providing an efficient solution for reducing greenhouse gas emissions, which are a major contributor to climate change.

Technology Basics and Background

Metal-organic frameworks (MOFs) are a class of materials characterized by their highly porous structures and tunable chemical properties. They consist of metal ions coordinated to organic ligands, forming a three-dimensional network that can trap various gases, including CO2. The unique attributes of MOFs—such as their large surface area, adjustable pore sizes, and chemical functionality—make them exceptionally effective for gas adsorption applications.

Promethean Particles’ approach leverages advanced MOF technology to create sorbents that can capture CO2 at lower energy costs compared to traditional methods. The REMBRANDT project aims to optimize these sorbents for a range of industrial applications, thereby enhancing the feasibility of carbon capture and storage solutions across various sectors.

The funding from the EIC Accelerator will enable Promethean Particles to accelerate the development of their MOF-based sorbents, conduct extensive testing, and prepare for market entry. By focusing on scalable manufacturing processes and partnerships within the industry, the company is positioned to make a significant impact on decarbonization efforts.

In summary, the EIC Accelerator serves as a critical enabler for innovative companies like Promethean Particles, providing the necessary support and funding to drive technological advancements and contribute to a more sustainable future.

2 The Funding Rounds

Financing Raised and Funding Rounds

Since receiving the EIC Accelerator funding in June 2023, Promethean Particles Ltd (United Kingdom) has secured notable financing from a mix of public and private sources. The most prominent recent funding event is the €2.4 million awarded by the European Innovation Council (EIC) Accelerator in June 2023 to support its scale-up of metal-organic frameworks (MOFs) for carbon capture applications.

Timing and Amounts of Funding Rounds

• October 2022: Promethean Particles raised £1.5 million in a round led by British Business Bank, with co-investors Foresight Group and TSP Ventures.
• June 2023: The company won €2.4 million (~£2.06 million at mid-2023 exchange rates) as part of the EIC Accelerator program.
• August 2024 (planned/expected): Reports indicate an £8 million Series A round involving Mercia Asset Management, though confirmation on closure or exact timing remains pending as of May 2025.

Investor Information

Key investors across these rounds include:

• British Business Bank
• Foresight Group
• TSP Ventures
• Mercia Asset Management (expected for Series A)
• University of Nottingham (shareholder)

Additionally, MEIF ESEM Equity LP holds a significant stake (~19.7%). The EIC Fund acts as both grant provider and equity investor under blended finance structures typical for EIC Accelerator winners.

Company Valuations

As per Pomanda estimates based on December 2023 data:

Valuation Basis	Estimated Value
Turnover Multiple (£1.5m sales)	£880,300
Net Assets Multiple	£1,600,000
EBITDA Multiple	£0

Turnover for FY ended December 2023 is estimated at £1.5m; net assets stand at approximately £787,800. These valuations reflect high growth but also underline operational losses common in deeptech scale-ups.

Exit Events: IPOs or Acquisitions

As of May 6th, 2025:

There are no reported exit events such as IPOs or acquisitions involving Promethean Particles Ltd.

The company remains privately held with ongoing investment activity focused on commercialization rather than exit.

Additional Notes on Funding Structure

Most recent funding through the EIC Accelerator was likely provided via "blended finance," combining non-dilutive grants with potential equity investment from the official EIC Fund—consistent with trends among other winners from that cohort. Earlier supports included undetailed venture capital ("unattributed VC") totaling $960K prior to these larger rounds.

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Sources

• Promethean Secures €2.4M in EIC Accelerator Funding
• Promethean Particles - PDF Announcement October 31st, 2023

-Dealroom profile: Promethean Particles

-InvestNY profile: Promethean Particles

-Pomanda company profile & valuation data

-Dealroom app: Company & investors overview

-CB Insights summary: Promethean Particles financials & backers

3 The Press Releases

Promethean Particles: EIC Accelerator Funding and Post-Award Developments

Promethean Particles Ltd, a UK-based advanced materials manufacturer, secured €2.4 million in European Innovation Council (EIC) Accelerator funding under its June 2023 cut-off for the REMBRANDT project, focusing on accelerating MOF-based decarbonization technologies. The company specializes in scalable, cost-effective production of metal-organic frameworks (MOFs), which are critical for carbon capture and gas separation applications.

Key Post-Funding Developments

• Manufacturing Scale-Up: In August 2024, Promethean announced an £8 million financing round led by Mercia Ventures and Aramco Ventures to expand its MOF production capacity using a proprietary continuous-flow reactor system. This technology enhances process reliability while reducing costs—key to meeting growing demand for energy transition materials.
• Cost Leadership: Promethean’s hydrothermal synthesis platform produces nanomaterials at prices up to 100x lower than competitors, making MOFs economically viable for industrial use. Their facility is the world’s largest multi-material continuous hydrothermal plant.
• Strategic Partnerships: Aramco Ventures’ investment underscores interest in Promethean’s MOFs for energy applications, including carbon capture and hydrogen storage.

Technology Advancements

The company’s focus on continuous-flow reactors addresses historical bottlenecks in MOF manufacturing, ensuring consistent quality at multi-ton scales. Their materials are already commercially available through an e-commerce portal, targeting sectors like functional coatings and catalysis.

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Sources

• Promethean Secures €2.4M in EIC Accelerator Funding
• EIC Accelerator Winners List (June 2023 Cut-off)

Note: Specific press release PDF unavailable publicly; see archived link: Press Release PDF (hosted on their website).

4 The Technology Advancements

Current Capabilities and Advancements of Promethean Particles LTD

Promethean Particles LTD, a UK-based company, specializes in the production of advanced nanomaterials, particularly metal-organic frameworks (MOFs), for applications such as carbon capture, biogas purification, and energy storage. Since the company received the £8 million Series A funding in August 2024, there has been significant progress in technology development and market expansion.

Current Capabilities

• Manufacturing Technology: Promethean Particles has developed a proprietary continuous-flow reactor that enhances the efficiency and cost-effectiveness of MOF production. This technology ensures consistent particle size and improves process reliability without compromising quality.
• Market Position: The company is recognized as a leading supplier of cost-effective, industrial-scale nanoparticles and MOFs. It has become the largest manufacturer of MOFs globally, offering these materials at significantly lower costs than competitors.
• Applications: Promethean Particles' MOFs are highly effective for gas storage and separation, carbon capture, and catalysis due to their high surface area and customizable pore sizes.

Advancements Since 2023

Although there is no explicit mention of Promethean Particles receiving EIC Accelerator funding in June 2023, the company has made substantial advancements since that period:

• Scaling Up MOF Manufacturing: With the recent £8 million investment, Promethean Particles plans to scale up its MOF manufacturing capabilities. This investment will help expand the company's manufacturing facility and team, enabling it to further demonstrate the potential of MOFs in energy transition applications.
• Technology Improvements: The continuous-flow reactor technology has been a crucial component in addressing production bottlenecks related to cost and scalability. This innovation has positioned Promethean Particles to capitalize on the growing MOF market effectively.

Market Demonstration and New Developments

Promethean Particles has been actively involved in supplying MOFs to various clients, including industrial firms and research institutions. The company offers consulting services to integrate MOF technology into existing systems, enhancing carbon capture efficiency.

New Patents, Studies, or Whitepapers

There is no specific information available on new patents, scientific studies, or whitepapers published by Promethean Particles since June 2023. However, the company's advancements in MOF manufacturing have been significant, and its technology is recognized for its potential in carbon capture and energy transition applications.

Conclusion

Promethean Particles has made significant strides in developing cost-effective MOF manufacturing technology, which is essential for scaling up carbon capture solutions. The company's focus on continuous flow reactors and its ability to produce high-quality MOFs at a large scale position it as a leader in the climate tech sector.

Sources:

• Promethean Particles - Nanomaterials Reimagined
• Why we invested – Promethean Particles
• PROMETHEAN PARTICLES LIMITED overview
• Promethean Particles plans to scale up MOF manufacturing
• Promethean Particles Announces Closure of £8m Series A
• Promethean Particles
• Promethean Particles - British Business Bank
• Promethean Particles company information

5 The Partnerships and Customers

Promethean Particles Ltd: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Following its EIC Accelerator win in June 2023, Promethean Particles has solidified its role as a leader in scalable metal-organic framework (MOF) manufacturing for climate-focused applications. The company’s recent £8 million Series A funding round, led by Mercia Ventures and Aramco Ventures, underscores its growing influence in carbon capture and advanced material markets.

Partnerships and Customers

• Strategic Investors: Mercia Ventures and Aramco Ventures now serve as key financial partners, providing capital to scale MOF production facilities. Aramco’s involvement signals alignment with energy transition goals, particularly in carbon capture for industrial applications.
• Collaborative Projects: Promethean is collaborating with Drax Group on Project MONET to test MOF-based carbon capture at Drax’s biomass power station. This partnership aims to validate the efficiency of MOFs in large-scale CCS (carbon capture and storage).
• Existing Partners: The Midlands Engine Investment Fund I, University of Nottingham, TSP Ventures, and East Midlands Early Growth Fund remain critical backers, supporting both R&D and commercialization efforts.

Nature of New Relationships

• Technology Validation: Collaborations like Project MONET demonstrate real-world applicability of MOFs in energy-intensive sectors such as biogas upgrading and gas separation.
• Market Expansion: The Series A funding will enable facility upgrades to meet rising demand for cost-effective nanomaterials across industries like water harvesting and catalysis.

Market Positioning Advancements

Promethean’s proprietary continuous-flow reactor technology positions it uniquely to supply MOFs at unprecedented scales (multi-ton capacity), addressing historical bottlenecks in affordability. By reducing production costs by over 90% compared to competitors, the company is poised to dominate emerging markets requiring sustainable material solutions.

Scaling Impact on Technology Development

The expanded production capacity will accelerate R&D into new MOF variants tailored for niche applications (e.g., hydrogen storage). Additionally, partnerships with academic institutions like the University of Nottingham ensure ongoing innovation in hydrothermal synthesis techniques.

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Sources

• Promethean Particles plans scale-up MOF manufacturing
• Promethean Particles Secures £8M For Innovative Technology
• Institute of Physics Business Award Winner: Promethean Particles

6 The Hiring and Company Growth

Promethean Particles LTD: Team Growth and Expansion

Promethean Particles LTD, a UK-based company specializing in metal-organic frameworks (MOFs) for carbon capture and other applications, has experienced significant growth since receiving the EIC Accelerator funding in June 2023.

Current Headcount and Team Size

As of December 2024, Promethean Particles has a total headcount of 17 employees, marking a substantial increase from 9 employees at the beginning of the year.

Hiring and Team Growth

The company has recently hired three new team members: Andy Jones, a synthetic chemist; David Van Gelder Adjar, a process development engineer; and James Dale, a process engineer. These appointments reflect the company's expansion efforts, driven by increasing demand for its MOF products.

Current Hiring Status

While there is no explicit information on whether Promethean Particles is currently hiring, the recent expansion and investment suggest a potential for future hiring to support their growth plans.

Growth and New Positions

The team's growth is attributed to an £8 million financing round led by Mercia Ventures and Aramco Ventures, announced in August 2024. This investment enables the company to scale up its MOF manufacturing, expand its team, and explore new projects in carbon capture and other energy transition applications.

Impact of New Team Members

The addition of Andy Jones, David Van Gelder Adjar, and James Dale is crucial for Promethean Particles' future. These hires will help the company enhance its production capabilities, focusing on developing scalable and cost-effective methods for MOF production. This expertise supports Promethean's goal to become a leading UK player in high-volume MOF manufacturing, particularly for carbon capture, water harvesting, and gas storage applications.

Management and Founding Team Changes

There are no reported changes in the company's management or founding team. The CEO, James Stephenson, continues to lead the company with a clear vision for growth and innovation in MOF production.

Conclusion

Promethean Particles' recent expansion and strategic hiring reflect its commitment to scaling up MOF manufacturing and driving innovation in carbon capture technologies. The company's growth trajectory suggests a promising future in the climate tech sector.

Sources: - Further Growth at Promethean Particles with New Staff and Expansion of Office Space

• Promethean Particles plans to scale up MOF manufacturing
• Climate tech startup Promethean Particles secures £8m to scale-up advanced MOF manufacturing
• Promethean Particles
• Why we invested – Promethean Particles
• Promethean Particles Secures £8M For Innovative Technology

7 The Media Features and Publications

Promethean Particles Ltd: Recent Developments and Media Features

Promethean Particles Ltd, a UK-based nanomaterials company, has been gaining attention in the media and scientific communities, especially after winning the EIC Accelerator funding in June 2023. Here are some key highlights and involvements of the company:

Media Features

BBC Coverage: Promethean Particles was featured on the BBC East Midlands Today program, where they showcased their work with metal-organic frameworks (MOFs) and their potential in tackling climate change. The company's CEO, James Stephenson, and product manager, Selina Ambrose, provided insights into their innovations.

Publications

While specific publications naming Promethean Particles are not listed, their work on nanomaterials and MOFs has been part of broader scientific discussions and reports related to innovative technologies and materials.

Content from Publications

The company's focus on developing advanced materials like MOFs and inorganic nanoparticles has been highlighted in various contexts. Their technology allows for the production of materials with enhanced properties for applications in electronics, coatings, and more.

Podcasts and Interviews

There is no specific mention of podcasts or interviews performed by the team of Promethean Particles. However, their media appearances, such as the BBC feature, demonstrate their engagement with media platforms.

Conference and Fair Visits

Promethean Particles has participated in various scientific conferences and events, leveraging these platforms to showcase their products and build business relationships. For example, their involvement in the EU Framework 7 project, SHYMAN, helped them develop a pipeline of customers through market-specific events and conferences.

Involvement in Events

The company's participation in events like trade shows and scientific conferences has been crucial in raising their profile and generating business leads. Their involvement in collaborative projects, such as the SHYMAN initiative, has contributed significantly to their growth and establishment in the industry.

EIC Accelerator Funding

Winning the EIC Accelerator funding in June 2023 marked a significant milestone for Promethean Particles, reflecting their innovative potential and strategic growth plans. This funding has likely contributed to increased media and industry attention.

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Sources:

• Promethean Particles Ltd overview
• Promethean Particles - Nanomaterials Reimagined
• PROMETHEAN PARTICLES LIMITED filing history
• Company Profile
• Promethean Particles Limited - Company Profile
• BBC Coverage Highlights Promethean Particles' Progress
• About Us - Promethean Particles
• Promethean: nanoparticle products go into full-scale production