BGF invests £3.4m in Belfast EnviroTech firm
Published on July 28, 2023 by the team
Nuada's advanced carbon technology assists individuals in achieving international climate objectives, and the funding will cover the expenses for establishing a fresh facility.
BGF has injected a substantial amount of £3.4 million into Nuada, a company originally known as MOF Technologies and located in Northern Ireland.
Nuada's innovative 'non-thermal' capture technology is revolutionizing the process of capturing carbon dioxide from industries that are fundamental and challenging to decarbonize.
Carbon capture is a necessary climate-friendly technology necessary to achieve international climate objectives, and Nuada’s innovation empowers individuals to efficiently and cost-effectively reduce carbon emissions in their everyday operations.
Nuada is collaborating with top cement producers (Buzzi Unicem, Heidelberg Materials, and Cementir Holding) and is in the process of implementing an innovative facility at Buzzi Unicem's Monselice site in Italy.
The financial assistance from BGF will aid in the establishment of a new experimental facility at an energy-from-waste plant in the United Kingdom. This facility will serve as a demonstration of the remarkable adaptability of Nuada's technology, which has been recognized with prestigious awards.
This investment is an addition to Nuada's £4.5m Series A funding round, which was jointly led by the Clean Growth Fund and Barclays' Sustainable Impact Capital portfolio.
Additionally, the company has recently acquired close to £3 million worth of projects funded by grants from UKRI and the Department of Energy Security and Net Zero (DESNZ).
EnviroTech receives additional praise for their outstanding performance in the IPG Energy sector.
According to Dr Conor Hamill, who serves as the co-CEO of Nuada, carbon capture is absolutely essential for achieving net zero emissions. However, presently available solutions tend to be quite expensive and require a significant amount of energy.
The financial support from BGF will accelerate the growth and implementation of our technology, guaranteeing that we are well-prepared to effectively reduce carbon emissions in industries that produce a large amount of pollution.
Dr. Jose Casaban, the co-CEO of Nuada, expressed his anticipation in collaborating with BGF and harnessing their knowledge in climate technology. Their goal is to enhance the accessibility and affordability of carbon capture solutions for businesses and governments globally.
Dennis Atkinson and Rowan Bird, representatives from BGF, expressed their elation as they unveiled their investment in Nuada. They believe that Nuada has the potential to make a substantial contribution to the move towards achieving a carbon-neutral world by utilizing cutting-edge technology.
"We are thrilled by the fact that top players in the cement industry are already implementing the company's technology, and we also acknowledge its potential for use in various other industries."
"We were excited about the chance to invest in and back an innovative enterprise that will have a significant impact in reaching the goal of achieving net zero."
EnviroTech's recent funding round, spearheaded by its remarkable achievement of receiving a 50-star rating, has successfully secured £5.25 million. This financial injection is aimed at propelling the company's expansion on the global stage.
