MOF Technologies raises £4.4m to help decarbonise heavy industries

12 Oct 2022

Image: MOF Technologies

The Queen’s University Belfast spin-out is focused on highly porous materials that can store, separate and capture specific gases.

Belfast-based MOF Technologies has raised £4.4m in a Series A funding round to accelerate the roll-out of its carbon capture tech.

The round was co-led by the Clean Growth Fund and Barclays, through its Sustainable Impact Capital programme. This is the Clean Growth Fund’s first investment in Northern Ireland’s clean-tech sector.

MOFs – or metal-organic frameworks – are highly porous materials that can store, separate and capture specific gases. They have potential in various sectors such as the transport of food, drugs and natural gas.

A spin-out from Queen’s University Belfast, MOF Technologies has developed an energy efficient carbon capture system using MOFs to reduce the emissions from cement works, steel works and energy-from-waste plants.

The company said its technology uses 80pc less energy than traditional CO2 capture methods such as amine scrubbing. The spin-out also said it can manufacture these MOFs on an industrial scale in an environmentally friendly way that is inexpensive and scalable.

MOF Technologies co-CEO Conor Hamill said he was “delighted” that Clean Growth Fund and Barclays chose to invest in the company.

“The willingness of these two leading funders in clean-tech reinforces our own confidence in our work and gives us scope to expand our operations in Belfast and secure new business opportunities,” Hamill said.

“With our cost-competitive end-of-pipe system, we can make commercial carbon capture a reality and a key part of the climate solution.”

In May this year, MOF Technologies started work on a trial of its tech involving three major cement companies, Heidelberg Cement, Cementir Holding and Buzzi Unicem. This was part of the Global Cement and Concrete Association’s Innovandi Open Challenge to help achieve net-zero concrete by 2050.

Clean Growth Fund investment director Stephen Price said the firm is excited about the “massive potential” for MOF technology and noted the challenges industries such as cement and steel face to reduce their emissions.

“With our investment, alongside the commercialisation support that we offer to all of the companies in our investment portfolio, I’m confident that MOF Tech can quickly become a sought-after technology provider to heavy industries across the world who need to decarbonise as a matter of urgency,” Price said.

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Leigh Mc Gowran is a journalist with Silicon Republic