Nuada: £3.4m investment for NI green technology firm
- Published
The technology to remove climate-damaging gases from industrial sites is seen by many scientists as important in reducing emissions to net zero
An investment fund has paid £3.4m for a stake in Nuada, a Belfast-based green technology company.
Nuada, which started as a spin-out from Queen's University Belfast, has developed a carbon capture technique.
Carbon capture is about preventing carbon dioxide (CO2) from industrial processes and power stations being released into the atmosphere.
Nuada will use the investment from BGF to support the construction of a pilot project.
BGF was founded in 2011 to provide growth capital for small and mid-sized businesses in the UK and Ireland.
Carbon capture is seen as an important technology for energy-intensive industries that will be difficult to fully decarbonise.
However, it is currently expensive to operate carbon capture facilities.
Nuada says its next-generation capture technology can make the process more cost effective.
'Carbon capture'
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.
"Investment from BGF will further catalyse the scale-up and deployment of our technology, ensuring we are primed to efficiently decarbonise heavy industries."
Dennis Atkinson and Rowan Bird from BGF said the fund welcomed the opportunity to invest in and support "a disruptive business that will make a meaningful contribution towards achieving net zero".