Nuada, a Northern Irish firm specialising in carbon capture technology, has secured €2.5 million in funding from the European Union’s EIC Accelerator programme.
Nuada, which specialises in decarbonising hard-to-abate sectors such as cement, steel and energy from waste, uses CO2 filtration technology to capture the carbon emissions from manufacturing processes.
Nuada is one of five UK firms chosen as a recipient of funding from the EIC Accelerator programme, which is operated by the European Innovation Council (EIC). A total of 71 projects across Europe have received funding, out of a total of 1,200 applicants.
‘Stamp of approval’
“The award from the EIC Accelerator is another stamp of approval for Nuada’s technology and our potential to disrupt and advance industrial decarbonisation,” commented Jose Casaban, co-CEO of Nuada. “It was a highly competitive process, so being selected as one of only a handful of UK companies and the first in Northern Ireland to secure the award is very rewarding for our team of experts and fuels our mission to commercialise critical technology for decarbonising industry.”
Nuada, which was also recently awarded €2.2 million from a separate EU programme, said that it will use the funds to scale up its carbon capture technology, in the process helping industries across Europe with their decarbonisation agenda.
The company has also been the recipient of grants from the Clean Growth Fund, Barclays, UK Research and Innovation (UKRI) and the Department of Energy Security and Net Zero (DESNZ).
Carbon capture targets
Nuada‘s expansion plans follow the UK government’s recent acknowledgement that its 2030 target to capture and store 20 to 30 million tonnes of CO₂ per year is no longer likely to be achievable due to delays in deployment, largely stemming from the high costs and energy demands of current CCUS (carbon capture, utilisation and storage) technologies.
“The time to impact the market transition phase of the UK’s CCUS vision is now,” added Conor Hamill, co-CEO of Nuada. “The energy intensity and equipment costs of the incumbent processes are just not sustainable to growth. The current expenditure levels and liabilities associated with these traditional capture solutions risk the pace and scale of the Government’s ambitions.
“Next generation capture technologies like Nuada’s are directly addressing these adoption barriers, and scaling new capture platforms will unlock the transition of government from funder to enabler.” Read more here.
