Belfast’s Nuada bags £3.4m for its carbon capture tech
Nuada, previously known as MOF Technologies, secured funding from growth equity fund BGF as a continuation of its £4.4 million financing round from last October.
Nuada, a climate technology company based in Northern Ireland, has successfully acquired a £3.4m investment to further develop its innovative carbon capture technology for industrial emitters without the need for excessive heat.
Once called MOF Technologies, Nuada is a company that emerged from Queen's University Belfast. They specialize in constructing filtration devices that are environmentally-friendly and consume less energy. These machines are designed to capture carbon dioxide from the off-gases produced by various industries. By doing so, Nuada aims to assist emitters operating in sectors that are difficult to decarbonize, enabling them to reduce their carbon footprint in a cost-effective manner.
The start-up company from Belfast is collaborating with major players in the cement manufacturing industry such as Buzzi Unicem, Heidelberg Materials, and Cementir Holding. They are currently in the midst of implementing a groundbreaking project at the Monselice plant owned by Buzzi Unicem, located in the northern region of Italy.
Building upon its previous £4.4m Series A round in October, the most recent funding was secured from BGF, a prominent investor specializing in substantial growth capital in the UK and Ireland.
Nuada announced that it will utilize the most recent funding to bolster the establishment of another experimental facility at a UK-based facility that generates energy from waste.
According to Dr. Conor Hamill, who is the co-CEO of Nuada, achieving net-zero goals is not feasible without utilizing carbon capture. However, he further mentioned that the existing methods in this field are known for being quite expensive and requiring a lot of energy.
"Receiving investment from BGF will accelerate the growth and implementation of our technology, guaranteeing that we are well-prepared to effectively reduce carbon emissions in large-scale industries," stated Hamill.
In May of last year, Nuada (previously known as MOF Technologies) began conducting experiments with Heidelberg Cement, Cementir Holding, and Buzzi Unicem as a contribution to the Innovandi Open Challenge organized by the Global Cement and Concrete Association. The purpose of this challenge is to aid in the achievement of net-zero concrete by the year 2050.
BGF was established in 2011 and has put over £3.5 billion into over 500 companies. Up until now, the UK fund has contributed approximately £70 million to Northern Irish businesses, which includes their investment in Nuada.
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