31st July 2023
BGF, one of the largest and most experienced growth capital investors in the UK and Ireland, has invested £3.4 million in Nuada (formerly MOF Technologies), a UK-based company that is redefining the capture of carbon dioxide from foundational and hard-to-abate industries.
Carbon capture is an essential climate technology that is 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.
Nuada is working with leading cement manufacturers (Buzzi Unicem, Heidelberg Materials and Cementir Holding) and is currently deploying a first-of-a-kind plant at Buzzi Unicem’s Monselice plant in Northern Italy. The 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.
This investment is an extension to Nuada’s £4.5m Series A round which was 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).
Dr Conor Hamill, co-Chief Executive Officer of Nuada, said: “There is no Net Zero without carbon capture. However, incumbent solutions 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.”
Dr Jose Casaban, co-Chief Executive Officer of Nuada, said: “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, said: “We are delighted to announce this investment in Nuada, a company that can play a significant role in the transition to a net zero carbon future using advanced technology.
“We are excited by the fact that the company’s 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.”