Clean Growth Fund portfolio company, Nuada, closes £8m investment round  

Clean Growth Fund portfolio company, Nuada, closes £8m investment round

Nuada, formerly known as MOF Technologies, is an innovative cleantech company on a mission to redefine the capture of carbon dioxide from foundational and hard-to-abate industries. Clean Growth Fund co-invested £4.5m in Nuada in October last year and the company has now extended this Series A round, receiving an additional £3.4m investment from growth capital investors BGF.

This investment from BGF adds to the nearly £3m of grant-funded projects that Nuada has also just secured from UKRI and the Department of Energy Security and Net Zero (DESNZ). This massive cash injection will help catapult the Northern Ireland-based company forward in scaling its carbon capture technology.  

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 already 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 new funding 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.

Beverley Gower-Jones, Managing Partner at Clean Growth Fund said: “We are delighted that this exciting company we invested in October last year has received a further boost from BGF. Heavy industries such as cement and steel need to decarbonise as a matter of urgency. Supporting pioneering tech companies like Nuada gives us the best chance possible of cutting heavy industry CO₂ emissions and energy use.”

Dr Conor Hamill, Co-Chief Executive of Nuada, said: “There is no Net Zero without carbon capture. However, incumbent solutions are notoriously costly and energy intensive. This additional backing will further catalyse the scale-up and deployment of our technology, ensuring we are primed to efficiently decarbonise heavy industries.