A hedge fund paid £3.4m to buy a stake in Nuada, a green tech company based in Belfast.
Nuada, which started as a subsidiary from Queen’s University Belfast, has developed a carbon capture technique.
Carbon capture involves preventing carbon dioxide (CO2) from being released into the atmosphere by industrial processes and power plants.
Nuada will use the BGF investment to support the construction of a pilot project.
BGF was established in 2011 to provide growth capital to small and medium sized businesses in the UK and Ireland. Carbon capture is considered an important technology for energy-intensive industries that would be difficult to fully decarbonise.
However, currently operating carbon capture facilities is very expensive.
Nuada says its next-generation imaging technology can make the process more cost-effective.
Dr Conor Hamill, Co-CEO of Nuada, said:
“There is no net zero without carbon capture. However, on-site solutions are notoriously expensive and energy-intensive. “BGF’s investment will continue to catalyze the scale and deployment of our technology, ensuring we are ready to effectively decarbonize our heavy industries.”
BGF’s Dennis Atkinson and Rowan Bird said the fund welcomes the opportunity to invest and support “a disruptive company that will make a meaningful contribution to net zero.”