Nuada – the carbon capture company poised to decarbonize heavy industries, announced on July 27th it has secured a £3.4 million ($4.4 million) investment from BGF, one of the largest and most experienced growth capital investors in the UK and Ireland.
Nuada is a pure-play carbon capture company that builds energy-efficient filtration machines, capturing CO2 from industrial off-gases. It also brings down carbon capture costs by around 80% compared to other carbon capture technologies as the system does not require a heat input to capture and release the CO2.
“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,” commented Dennis Atkinson from BGF.
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 “heatless” carbon capture technology. The pilot project under development will be located at the Translational Energy Research Centre (TERC) at the University of Sheffield.
The $4.4 million investment is also an extension to the company’s $5.8 million (£4.5 million) Series A round which was co-led by the Clean Growth Fund and Barclays’ Sustainable Impact Capital portfolio. It has recently secured $3.9m (£3m) of grant-funded projects from UKRI and the Department of Energy Security and Net Zero (DESNZ).
Read more: Nuada Pilots Its Next-Generation Carbon Capture Technology In Waste-to-Energy
The company is currently working with leading cement manufacturers Buzzi Unicem, Heidelberg Materials and Cementir Holding and is also deploying a first-of-a-kind plant at Buzzi Unicem’s Monselice plant in Northern Italy. It is at the stage where it’s actively working with different stakeholders to demonstrate and prove its technology and build confidence within the industry that it can help clients realize their decarbonization goals.
“There is no Net Zero without carbon capture. However, incumbent solutions are notoriously costly and energy intensive. Investment from BGF will further catalyze the scale-up and deployment of our technology, ensuring we are primed to efficiently decarbonize heavy industries,” commented Dr. Conor Hamill, co-Chief Executive Officer of Nuada on the funding round.
Relevant: MOF Technologies Rebrands To Nuada, Seeks To Redefine Carbon Capture
