Nuada Secures Historic EIC Funding Boost for Carbon Capture Initiatives
Deal News | Apr 09, 2025 | Business Cloud
Nuada, a Northern Ireland-based company specializing in carbon capture technology, has achieved a milestone by securing funding from the European Innovation Council's (EIC) Accelerator program, marking it as the first Northern Irish firm to receive such an award. The company, backed by BGF, received €2.2 million to further develop its innovative CO2 filtration technology aimed at decarbonizing industries such as cement and steel. Simultaneously, Nuada also received substantial investment from the Clean Growth Fund, Barclays, and UK government bodies. The funding will be utilized to scale Nuada's technology and enhance its market deployment readiness. Co-CEOs José Casaban and Conor Hamill emphasized the significance of this financial backing in advancing industrial decarbonization and the potential disruption of traditional carbon capture practices.
Sectors
- EnviroTech
- Renewable Energy
Geography
- Northern Ireland – Nuada is based in Northern Ireland, making it the first company from this region to secure funding from the EIC Accelerator program.
- European Union – The funding was provided by the European Innovation Council, indicating an involvement of EU-based programs in supporting innovative technologies.
- United Kingdom – The broader UK context is relevant due to other investments and the presence of the UK government bodies in Nuada's funding mix.
Industry
- EnviroTech – Nuada operates in the environmental technology sector, developing carbon capture technology aimed at reducing industrial carbon emissions.
- Renewable Energy – The funding and development are aimed at enhancing sustainable energy solutions, particularly through the carbon capture capability that contributes to cleaner energy production processes.
Financials
- €2.2m – EIC Accelerator funding awarded to Nuada.
- £3.4m – Investment by BGF into Nuada in 2023.
- £4.5m – Previous investment co-led by the Clean Growth Fund and Barclays.
- £3m – Grant funding from UKRI and DESNZ.
- £1.9m – Additional funding from another EU program received by Nuada.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nuada | Target Company | Company | A Belfast-based carbon capture technology specialist aiming to decarbonize industrial sectors. |
| BGF | Investor | Company | A growth capital investor providing equity funding to growing companies like Nuada. |
| European Innovation Council (EIC) | Funder | Government | Administers the EIC Accelerator program that provided funding to Nuada. |
| Clean Growth Fund | Investor | Company | Co-led an earlier investment round in Nuada, focused on clean energy technologies. |
| Barclays | Investor | Company | A financial services company that co-led a funding round for Nuada. |
| UK Research and Innovation (UKRI) | Funder | Government | Provided grant funding to Nuada to support their technology development. |
| Department of Energy Security and Net Zero (DESNZ) | Funder | Government | Provided grant funding to Nuada as part of their initiatives for energy security and decarbonization. |
| José Casaban | Co-CEO | Person | Co-CEO of Nuada, expressing the company's vision in light of receiving EIC funding. |
| Conor Hamill | Co-CEO | Person | Co-CEO of Nuada, highlighting the impact of their technology on the market and governmental policies. |