NovoMOF Raises $5.4 Million to Scale Up Low-Cost Carbon Capture Materials – ESG Today

Swiss supplies tech firm novoMOF stated it has raised CHF 4.4 million (USD $5.4 million) to additional advance its sustainable supplies for low-cost carbon seize in high-emissions industrial sectors.

Based in 2017 as a by-product that grew out of the Swiss Paul Scherrer Institute PSI, novoMOF develops Metallic Natural Frameworks (MOFs), a brand new class of extremely porous supplies with exceptionally excessive floor space in a compact quantity, for a spread of purposes, together with point-source CO2 seize. MOFs, a brand new class of extremely porous supplies, have been first found and developed by Omar M. Yaghi, Professor of Chemistry at UC Berkeley, who’s a scientific companion of novoMOF. When exactly engineered, MOFs can act as “molecular cages,” selectively capturing and separating goal substances reminiscent of CO2, methane or different high-value gases.

In accordance with novoMOF, the corporate’s MOF-based CO2 seize supplies have the potential to seize CO2 at prices nicely beneath €100 per ton of CO2. NovoMOF stated that it goals to seize six million tons of CO2 per yr with its MOFs by 2030, and that it’s at present focusing on point-source CO2 seize throughout varied industrial sectors, together with power manufacturing and industrial processes. The corporate added that the extremely space-efficient CO2 seize designs enabled by MOFs additionally make them nicely suited to maritime and heavy-duty transport purposes.

GTT Strategic Ventures, the funding fund of the GTT group, led the spherical, alongside Shift4Good, Regenerative ltd and different buyers.

Daniel Steitz, CEO and Founder at novoMOF, stated:

“This funding marks a big milestone in our journey to make MOF-based CO₂ seize each scalable and economically viable. With the help of GTT Strategic Ventures, Shift4Good, Regenerative, and our current buyers, we’re accelerating the deployment of our superior MOF supplies the place it issues most—on the coronary heart of business, power and transport emissions. Our purpose is evident: to ship significant impression on world emissions by cutting-edge supplies and robust partnerships.”

Hélène Loncin, Head of Enterprise Capital at GTT, added:

“GTT Strategic Ventures is proud to help the event of novoMOF, whose high-performance supplies will assist tackle the problem of decarbonising maritime transport. Along with our co-investors, we’re happy to again a proficient and dedicated staff whose work has the potential to make an actual distinction in CO₂ discount”