Change of executive roles following significant commercial milestone

Since its inception in 2012, MOF Technologies (MOFT) has enjoyed a swift and successful journey from lab-scale proposition to a full-fledged commercial organisation. The company has achieved significant milestones, with a very strong technology and production base, and now needs to further increase its focus on sales to keep momentum. Recognising that MOFT has reached a new stage in its growth path, long-serving CEO Dr Paschal McCloskey has decided that the time has come for a new manager to take over the commercial guidance of the company. The Board recognises the significant progress and commercial potential of the business moving forward, and thanks Paschal for his valuable contribution to date.

Paschal has been instrumental in steering MOFT to where it stands today: He was responsible for launching the first ever MOF-based market product, in partnership with Decco – paving the way for the MOF market overall by proving the commercial viability in commercial applications. He was also responsible for raising c. £2m of venture funding for MOF Technologies, and establishing working relationships with more than one hundred blue-chip customers (including Owens Corning, Whirlpool, General Motors and IBM), selling products and services to these important industry players.

Raising further capital to continue building the business, he won over £2.5m in grants from Horizon 2020, Innovate UK and Invest Northern Ireland, validating the importance of the technology for the future economy. This assisted him in developing a production capability of c. 20 products, including coated and shaped MOFs – giving us access to industrial applications such as filtration. He grew the company from a single employee to a 14 strong team of market-leading experts in MOFs. Paschal also established full research facilities along with a mechano-chemistry production facility capable of producing MOFs at a more competitive cost than any other player in the industry.

In order to support the next CEO in transitioning to the new role Paschal will move to the role of Chief Operating Officer. After the handover period, he will still maintain a close interest in the business, remaining a significant shareholder.

While we are looking for a new permanent CEO, Non-Executive Director Dr Pat McComiskey will take on the role of interim CEO. His objective is to utilise his experience with start-ups and his chemical engineering background, to evaluate the exact needs moving forward, and to continue to provide the team with ongoing strategic direction and mandate.

We thank Paschal for his years of dedication, and for growing MOFT to its current state. The Board is excited about the progress made, and feels very confident the company’s potential and commercial opportunity will be brought to full financial fruition under the new CEO.