Nuada secures €2.5 million funding to advance carbon capture technology
- Nuada has become the first Northern Ireland company to secure funding from the EU's EIC Accelerator.
- The funding amounts to €2.5 million and aims to support the company’s carbon capture technology.
- Nuada’s success emphasizes its potential to advance industrial decarbonization and tackle sustainability challenges.
In a significant achievement for Northern Ireland, a carbon capture technology company, Nuada, successfully secured €2.5 million in funding from the European Innovation Council (EIC) Accelerator. This marks a historic moment as Nuada is the first company from Northern Ireland to obtain such funding. The announcement came following a competitive selection process where over 1,200 proposals were submitted, and only 71 companies were chosen for the funding, making Nuada one of just five companies from the UK to receive this grant. The funding will support Nuada's mission to decarbonize heavy industries through their groundbreaking on-site capture technology. This innovative technology involves building energy-efficient filtration units designed to capture carbon dioxide (CO2) from industrial off-gases. This enables companies within hard-to-abate sectors to significantly reduce their carbon footprints in a cost-effective manner. The co-CEOs of Nuada, Jose Casaban and Conor Hamill, emphasized the importance of the funding in validating their technology and addressing the pressing need for sustainable growth in industrial processes. Nuada is not just focusing on innovation but is also actively working toward commercialization. With this funding, the company aims to enhance its operations and further develop its technology, which is already making strides in various industrial applications. The company has established partnerships with leading cement companies, a United States lime producer, and a prominent UK energy-from-waste company, indicating its growing influence in the industry. Since 2023, following a minority equity investment from BGF of £3.4 million, Nuada has expanded its team threefold to 42 employees. The company has also opened a state-of-the-art 18,000 sq ft manufacturing and development facility located in Newtownabbey. Through these developments and the recent funding award, Nuada is positioning itself as a pivotal player in advancing industrial decarbonization efforts across Europe and potentially beyond.