BGF, a growth capital investor, has invested a total of £3.4m in UK-based Nuada, a company working to develop carbon capture solutions for foundational and hard-to-abate industries.
Nuada’s heatless capture technology removes the deployment barriers of energy intensity and cost, and allows industrial emitters to decarbonize their respective operations efficiently and economically. At present, the company is working with a multitude of cement manufacturers – including Buzzi Unicem, Heidelberg Materials and Cementir Holding. At Buzzi Unicem’s plant in Monselice, Northern Italy, Nuada is helping to establish what is claimed as a first-of-a-kind plant.
BGF’s recent investment, however, will be used to support the construction of another pilot plant at an energy-from-waste facility in the UK. The site will be used to demonstrate the versatility of Nuada’s heatless capture technology.
The investment is an extension of Nuada’s £4.5m Series A round – co-led by the Clean Growth Fund and Barclays’ Sustainable Impact Capital portfolio. Additionally, Nuada recently secured approximately £3m of grant-funded projects from UKRI and the Department of Energy Security and Net Zero.
“There is no Net Zero without carbon capture,” explained Dr Conor Hamill, co-chief executive officer, Nuada. “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.”
“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,” added Dennis Atkinson and Rowan Bird from BGF. “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.”