novoMOF raises CHF 4.4 million to scale CO2-capture materials
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novoMOF raises CHF 4.4 million to scale CO2-capture materials
GTT Strategic Ventures, the investment fund of the GTT group, has completed a CHF 4.4 million funding round in novoMOF, a specialist in advanced materials for CO2 capture. This investment was made alongside Shift4Good, Regenerative Ltd, new and existing institutional and private shareholders.
Founded in 2017 as a spin-off from Paul Scherrer Institute PSI, novoMOF develops Metal Organic Frameworks (MOFs) for a range of applications, including point-source CO2 capture. Its proprietary CO2-capture materials offer outstanding performance, scalability and are environmentally sustainable by design, with the potential to capture CO2 at costs well below âŹ100 per ton of CO2.
MOFs are a new class of highly porous materials with an exceptionally high surface area in compact volume. When precisely engineered, they can act as molecular cages, selectively capturing and separating target substances such as CO2, methane or other high-value gases. Thanks to their versatility, MOFs can be used in a wide range of applications. MOFs were first discovered and developed by Professor Omar M. Yaghi, Professor of Chemistry at UC Berkeley and recipient of the 2024 Balzan Prize. He is also a scientific partner of novoMOF.
The closing of its latest funding round marks a key step in the companyâs journey to make MOFs-based COâ capture both scalable and economically viable. In partnership with technology providers, novoMOF is currently targeting point-source CO2 capture across various industrial sectors, including energy production and industrial processes, addressing more than half of the global CO2 emissions. The company aims to capture six million tons of CO2 per year with its MOFs by 2030.
MOFs also enable highly space-efficient CO2 capture designs, making them particularly well-suited for maritime and heavy-duty transport. novoMOFâs materials will therefore contribute to reducing emissions in the shipping industry.
âWith the support of GTT Strategic Ventures, Shift4Good, Regenerative, and our existing investors, we are accelerating the deployment of our advanced MOF materials where it matters mostâat the heart of industrial, energy and transport emissionsâ, says Daniel Steitz, CEO and Founder at novoMOF.
HĂŠlène Loncin, Head of Venture Capital at GTT, commented: "GTT Strategic Ventures is proud to support the development of novoMOF, whose high-performance materials will help address the challenge of decarbonizing maritime transport. Together with our co-investors, we are pleased to back a talented and committed team whose work has the potential to make a real difference in COâ reduction. Following a particularly active 2024, novoMOF marks the eighth investment of GTT Strategic Ventures, which aims to contribute to the emergence of tomorrowâs climate tech champions."
Yann Marteil, Co-founder & Managing Partner at Shift4Good, said: âAt Shift4Good, we invest in bold teams building breakthrough solutions to decarbonize transportation and industry. novoMOF stands out with its highly scalable, low-impact technology and a strong commitment to real climate impact. We are proud to join this journey and support their mission to make carbon capture more accessible, efficient, and sustainable.â
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