Barclays, Clean Growth Fund invest in carbon capture-driven MOF Technologies
Sources: MOF Technologies, Belfast; CM2 staff
Through their Sustainable Impact Capital program, banker Barclays and Clean Growth Fund have invested upward of $5 million in MOF Technologies, whose Nuada process is billed as an energy efficient carbon capture solution geared to portland cement and steel mills. The company concentrates on a class of nanomaterials known as Metal-Organic Frameworks—crystalline, sponge-like compounds that can store, separate, and capture targeted gases like carbon dioxide.
MOF’s nanotechnology-enabled Nuada modular carbon capture system. The company’s process reportedly uses 80 percent less energy than traditional CO₂ capture methods such as amine scrubbing.
In May 2022, MOF Technologies announced work on a trial with multinational cement and concrete producers Buzzi Unicem, Cementir Holding and Heidelberg Materials as part of the Global Cement and Concrete Association [link to site Resources listing] Innovandi ‘Open Challenge’ to achieve net zero concrete by 2050.
Barclays and Clean Growth Fund’s willingness to participate in the Series A funding, notes MOF Technologies co-CEO Conor Hamill, “Reinforces confidence in our work and gives us scope to
expand 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.”
“Given the challenges facing industries like cement and steel to cut their CO₂ emissions and energy use, we are excited about the massive potential for MOF Tech across the world,” observes Clean Growth Investment Director Stephen Price. “Alongside the commercialization support that we offer companies in our investment portfolio, I’m confident that MOF Tech can quickly become a sought-after provider to heavy industries across the world.”
“As industries such as cement and steel transition to net zero, reducing the use of fossil fuels remains crucial,” adds Barclays co-Head of Principal Investments Andrew Challis. “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. Withthe cement industry, the impact opportunity for MOF Tech’s pioneering technology is substantial and we are excited to be supporting them as they scale.”