Nuada Secures EU Grant to Advance Carbon Capture
Deal News | Apr 08, 2025 | UK Tech Funding
Nuada, a Belfast-based carbon capture startup, has become the first Northern Irish firm to receive the EU's EIC Accelerator award, securing €2.5m (£2.1m) in funding. The EIC Accelerator provides financial and business aid to emerging European startups, particularly those capable of driving industrial decarbonisation. Nuada's core technology involves carbon dioxide filtration systems used across various industries like cement and steel. The startup has previously attracted investments from Barclays, the Clean Growth Fund, and the Business Growth Fund. The announcement aligns with UK government aspirations of advancing carbon capture technologies, despite recent parliamentary setbacks suggesting the targets may be unachievable due to high capital and energy requirements. Nuada's leadership believes their innovative technology places them at the forefront of overcoming existing barriers in carbon capture adoption.
Sectors
- Environmental Technology
- Energy
- Financial Services
Geography
- United Kingdom – Nuada is based in Belfast, Northern Ireland, and operates within the UK energy and environmental policy framework.
- European Union – The funding comes from the EU's EIC Accelerator, highlighting the region's support for innovation in carbon capture.
Industry
- Environmental Technology – Nuada operates in the environmental tech sector, focusing on carbon capture solutions for heavy industries.
- Energy – The article discusses innovations related to energy efficiency and decarbonisation in the energy sector.
- Financial Services – The involvement of Barclays and government grants highlights the role of financial services in funding emerging technologies.
Financials
- €2.5m (£2.1m) – Grant amount secured by Nuada from the EIC Accelerator.
- £7.9m – Amount raised by Nuada in their Series A funding round in 2022.
- £3.9bn – UK Government funding commitment for CCUS projects announced last year.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nuada | Recipient | Company | A Belfast-based carbon capture startup targeting industrial decarbonisation. |
| European Innovation Council (EIC) | Funder | Government | An EU body that provides funding and support to innovative startups in Europe. |
| Barclays | Investor | Company | A multinational bank that invests in innovative technologies. |
| Clean Growth Fund | Investor | Company | An investment body focused on the development of clean energy technologies. |
| Business Growth Fund | Investor | Company | An investment firm providing capital to growing businesses. |
| UK Government | Policy Maker | Government | The UK Government supports carbon capture technologies in pursuit of net-zero goals. |
| Rachel Reeves | Chancellor | People | UK Chancellor who announced funding for carbon capture projects in her budget. |
| Jose Casaban | Co-CEO | People | Co-Chief Executive Officer of Nuada. |
| Conor Hamill | Co-CEO | People | Co-Chief Executive Officer of Nuada. |