MOF Technologies raise £4.4 million funding
HMT LLP advised Belfast-based MOF Technologies on their £4.4 million Series A funding round that will enable the company to scale its carbon capture technology. The round was jointly led by Clean Growth Fund and Barclays through its Sustainable Impact Capital programme.
A spin-off from Queen’s University Belfast 10 years ago, MOF Technologies has developed an energy efficient carbon capture solution to reduce harmful emissions from cement works, steel works, or energy-from-waste plants.
Its MOF-based Nuada technology uses 80% less energy than traditional carbon dioxide (CO₂) capture technologies such as amine scrubbing. Importantly, the company can manufacture the Metal Organic Frameworks (MOFs) on an industrial scale in an environmentally friendly way that is both affordable and scalable.
MOFs are crystalline, sponge-like materials that can store, separate, and capture targeted gases, like CO2. The company has already begun working with industrial partners to trial the technology announcing in May it would work with Heidelberg, Cementir Holding and Buzzi Unicem.
Conor Hamill, Co-Chief Executive Officer at MOF Technologies, said the willingness of these two leading funders in cleantech reinforces its own confidence in our work and allows us to expand operations in Belfast and secure new business opportunities.
He said, “With our cost-competitive 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 he looked forward to accelerating 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.
HMT acted as lead advisor on the transaction which included assessing the strategic options for MOF Technologies, running a competitive process to identify suitable investment partners, negotiating investment terms and supporting the business through to a successful completion.
James Thomas commented:
“We are delighted to have helped Conor and Jose on this transaction, ultimately securing investment from two world-class investors in CGF and Barclays. This investment will help MOF Technologies commercialise their Nuada technology and drive a paradigm shift in reducing the cost of carbon capture technologies. This is another example of HMT’s cleantech expertise at a time of heightened investment appetite in the sector.”
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