Pioneering new technology developed in Belfast and aimed at greatly increasing the envionmental capability of industry, is set for a major boost with a significant investment announcement.
MOF Technologies began life in 2012 in a lab at Queen’s University, investigating the potential of metal organic framework (MOF) technology for industrial application.
The sector, currently in its infancy, has multiple key application areas including gas storage, carbon capture, vehicular transport and heat transformation, and is forecast to reach in excess of £2.2 billion by 2022.
The combined investment comes principally from Excelsa, the venture arm of the Sturrock and Robson Group and will will allow for scaling of the new production line capacity and a quadrupling of their research laboratory space and staff, said CEO Paschal McCloskey.
“Excelsa Ventures is a perfect fit for a company like us,” he said.
“Its focus has always been on supporting entrepreneurs with a desire to bring disruptive innovation into play for the benefit of industry.
“That approach has been at the heart of what we have been doing at MOF Technologies since the company’s inception.
Ranked the number one university in the UK for revenue generated from intellectual property in 2014-15, Queen’s has supported the development of the business through the QUBIS business incubation programme which is also investing in the project.
Rated the world leader in MOF research and production, the firm is gaining greater momentum with continued recognition and support from various commercial sectors.
The most significant to date was the release of the world’s first MOF product – TruPickTM – in collaboration with US multinational Decco Worldwide last year, demonstrating the potential of MOF-based nanotechnology.
Moritz Bolle from Excelsa Ventures said: “We very quickly recognized the market potential of MOFs in terms of their unmatched ability for gas storage.
“This technology will revolutionise traditional applications and open countless new opportunities for industry.
“We are confident MOF Technologies is the company that will lead this seismic shift in materials science.”