Clean Growth Fund & Barclays invest £4.4m in MOF Technologies
With heavy industries like the cement industry accounting for over 30% of global carbon emissions, we are delighted to announce that Clean Growth Fund together with Barclays, via their Sustainable Impact Capital programme, have invested in MOF Technologies (MOF Tech) as part of a Series A funding round. This is our first investment in Northern Ireland’s clean technology sector.
A spin-out from Queen’s University Belfast, MOF Tech is a Northern Ireland-based company that has developed an energy efficient carbon capture solution to reduce harmful emissions from cement works, steel works, or energy-from-waste plants. The company has world-leading expertise in a class of nanomaterials known as Metal-Organic Frameworks (MOFs). The funding will enable MOF Tech to further develop its technology and scale its business.
MOFs are crystalline, sponge-like materials that can store, separate, and capture targeted gases, like CO₂. Moreover, the technology uses 80% less energy than traditional CO₂ capture technologies such as amine scrubbing. Importantly, the company can manufacture the MOFs on an industrial scale in an environmentally friendly way that is both inexpensive and scalable.
MOF Tech has attracted strong commercial interest in its work. In May 2022, it announced that it would start work on a trial involving three of the world’s major cement companies –Heidelberg Cement, Cementir Holding and Buzzi Unicem – as part of the Global Cement and Concrete Association’s Innovandi ‘Open Challenge’ to achieve net zero concrete by 2050.
Stephen Price, Investment Director at Clean Growth Fund said: “Given the challenges facing industries like cement and steel to cut their CO₂ emissions and their energy use, we are excited about the massive potential for MOF Tech across the world. 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.”
Conor Hamill, co-Chief Executive Officer at MOF Technologies said: “I’m delighted that Clean Growth Fund and Barclays have chosen to invest in our company. The willingness of these two leading funders in cleantech reinforces our own confidence in our work and gives us scope to expand our operations in Belfast and secure new business opportunities. With our cost-competitive end of pipe system, we can make commercial carbon capture a reality and a key part of the climate solution.”
Jose Casaban, co-Chief Executive Officer at MOF Technologies said: “We are thrilled to work with Clean Growth Fund and Barclays to accelerate the roll out of our unique MOF-based CO₂ capture technology to deliver against the pressing demand from heavy industries to meet their Net Zero targets.”
Andrew Challis, co-Head of Principal Investments at Barclays, said: “As industries such as cement and steel transition to net zero, reducing the use of fossil fuels remains crucial. In parallel, we need viable solutions to prevent emissions released during production from entering the atmosphere. Addressing this issue, MOF Tech is at the cutting edge of carbon capture. With the cement industry accounting for 7-8% of global carbon emissions, the impact opportunity for MOF Tech’s pioneering technology is substantial and we are excited to be supporting them as they scale.”