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Nuada, formerly MOF Technologies, raised the investment from growth equity fund BGF as an extension of its £4.4m round from last October.
Northern Irish climate-tech company Nuada has secured a £3.4m investment to expand its ‘heatless’ carbon-capture technology for industrial emitters.
Formerly known as MOF Technologies, Nuada is a Queen’s University Belfast spin-out that builds energy-efficient filtration machines to capture carbon dioxide from industrial off-gases, aiming to help emitters in hard-to-abate sectors reduce their carbon footprint economically.
The Belfast-based start-up is working with big cement manufacturing clients, including Buzzi Unicem, Heidelberg Materials and Cementir Holding. It is currently in the process of deploying a first-of-a-kind plant at Buzzi Unicem’s Monselice plant in northern Italy.
An extension of its £4.4m Series A round last October, the latest funding came from BGF, a big growth capital investor in the UK and Ireland.
Nuada said it will use the latest investment to support the construction of an additional pilot plant at an energy-from-waste facility in the UK.
Dr Conor Hamill, co-CEO of Nuada, said that while reaching net-zero targets is impossible without carbon capture, current technologies in the space are “notoriously costly and energy intensive”.
“Investment from BGF will further catalyse the scale-up and deployment of our technology, ensuring we are primed to efficiently decarbonise heavy industries,” Hamill said.
Last May, Nuada (then MOF Technologies) started trialling its tech with Heidelberg Cement, Cementir Holding and Buzzi Unicem as part of the Global Cement and Concrete Association’s Innovandi Open Challenge to help achieve net-zero concrete by 2050.
BGF was set up in 2011 and has invested more than £3.5bn in more than 500 companies. Including Nuada, the UK fund has invested around £70m in Northern Irish businesses to date.
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