A FORMER Queen's University spin-out which has developed game-changing systems to combat climate change has been handed a £3.4 million investment boost.
Dynamic investor BGF has pumped the equity into Belfast-based Nuada (formerly known as MOF Technologies), which is redefining the capture of carbon dioxide from foundational and hard-to-abate industries.
Carbon capture is an essential climate technology required to meet global climate goals.
Nuada’s next-generation ‘heatless’ capture technology is removing the deployment barriers of energy intensity and cost, enabling industrial emitters to decarbonise their operations efficiently and economically.
It is working with leading cement manufacturers Buzzi Unicem, Heidelberg Materials and Cementir Holding, and is currently deploying a first-of-a-kind plant at the former’s Monselice plant in Northern Italy.
The £3.4m funding from BGF will support the construction of an additional pilot plant at an energy-from-waste facility in the UK, which will showcase the versatility of Nuada’s award-winning technology.
The latest investment is an extension to Nuada’s (www.nuadaco2.com) £4.5m investment round co-led by the Clean Growth Fund and Barclays’ Sustainable Impact Capital portfolio.
The company has also recently secured nearly £3m of grant-funded projects from UKRI and the Department of Energy Security and Net Zero (DESNZ).
Nuada co-chief executive Dr Conor Hamill said: “There is no net zero without carbon capture. But incumbent solutions are notoriously costly and energy intensive. So this investment from BGF will further catalyse the scale-up and deployment of our technology, ensuring we are primed to efficiently decarbonise heavy industries.”
His fellow co-CEO Dr Jose Casaban added: “We look forward to working with BGF and drawing on their expertise in climate tech to make carbon capture more accessible and affordable for businesses and governments around the world.”
Dennis Atkinson and Rowan Bird from BGF - which was set-up in 2011 and has invested £3.5 billion in more than 500 companies - said: “We're delighted to invest in Nuada, a company that can play a significant role in the transition to a net zero carbon future using advanced technology.
“We're excited that its technology is already being deployed by industry leaders in the cement sector and note that it is also applicable to other industries. We welcomed the opportunity to invest in and support a disruptive business that will make a meaningful contribution towards achieving net zero.”
