Posted by Jonny Agnew
Significant new investment into the company will allow for scaling of the new production line capacity and a quadrupling of their research laboratory space and staff, says CEO.
Belfast-based MOF Technologies Ltd. has received a significant investment from London-based Excelsa Ventures together with Queen’s University’s research commercialisation arm, QUBIS, which has reinforced its commitment with fresh investment in the company. The combined investment comes principally from Excelsa, the venture arm of the Sturrock and Robson Group. This fourth generation family business is a perfect fit for MOF Technologies, given the focus of its investment portfolio, which is guided by a strong commitment to ethical, responsible entrepreneurship.
Established in part by QUBIS Ltd in 2012 – in partnership with inventor Professor Stuart James – MOF Technologies began life in a lab at the School of Chemistry and Chemical Engineering at Queen’s, and QUBIS was instrumental in bringing the Metal Organic Framework (MOF) technology out of the lab setting and into a global, industrial application.
The MOF market, 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 £2.2B by 2022.
MOF Technologies, as the world leader in MOF research and production, is gaining greater momentum with continued recognition and support from various commercial sectors. The most significant this far was the release of the world’s first MOF product – TruPickTM – in collaboration with US multinational Decco Worldwide in 2016. These achievements not only increase MOF Technologies’ market leadership, but further demonstrate the potential of MOF-based nanotechnology.
“Excelsa Ventures is a perfect fit for a company like us,” says Dr Paschal McCloskey, CEO of MOF Technologies. “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. Beyond the financial injection though, it is also reassuring to know we now have access to the significant experience and corporate resources only a partner like Excelsa Ventures can bring. You can’t put a price on that.”
“We very quickly recognized the market potential of MOFs in terms of their unmatched ability for gas storage” explains Moritz Bolle from Excelsa Ventures. “This technology will revolutionize 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.”
The combined investment from Excelsa Ventures and QUBIS has benefited MOF Technologies in more ways than just financial. “This kind of investment not only provides capital to help us expand our company, it also means we can reach the critical mass needed to become the leading manufacturer and ‘go-to’ R&D lab for the MOF sector,” says Dr McCloskey. “As market leaders we will have a significant influence over the direction the entire industry takes. We see a great future for Metal Organic Frameworks and we look forward to additional exciting announcements during 2017.”