BELFAST--(BUSINESS WIRE)--MOF Technologies Ltd announces the management buyout of the business from NetScientific plc.
Chief Executive Officer and Director, Dr Paschal McCloskey, announced this week that the Board of MOF Technologies Ltd had successfully acquired the majority shareholding in the company from NetScientific plc. Dr McCloskey becomes a key shareholder in the business along with Board members Mr Simon Henson (Chairman), Professor Stuart James (Chief Technology Officer), Dr Tom Robinson and Dr Patrick McComiskey.
Since its inception in 2012, MOF Technologies has designed and manufactured proprietary cleantech nanomaterials known as Metal-Organic Frameworks (MOFs). Today, MOF Technologies is one of the world’s leading manufacturers of these materials.
The buyout comes shortly after securing €1.2M in funding from the EU to expand its manufacturing base and developing successful collaborations with a number of leading companies such as IBM, General Motors, Johnson Matthey, GDF Suez and Cella Energy. Additionally, the company, which has been shortlisted for the UK Cleantech Innovate awards, recently expanded its portfolio with the launch of three new products. These materials offer unrivalled gas selectivity and storage properties, positioning the company as a future market leader in the cleantech sector.
Dr McCloskey added, “This is a very exciting time for the company and the fact that we funded the buyout internally shows exceptional commitment from the management and scientists to the future of the business. Our success to date has been built on a great management team and an exceptionally talented team of chemists. We will continue to innovate, grow and partner with industry-leading organisations as we bring our products to market.”
With expansion plans already underway, the Company will shortly announce strategic appointments to the business, including a world-renowned Scientific Advisory Board and additional members of the technical team.
Notes to Editors
About MOF Technologies
MOF Technologies, a spin out company from Queen’s University Belfast, has developed a novel technique for the synthesis of MOFs, which is environmentally friendly, rapid and highly scalable, allowing cost-effective deployment of these revolutionary materials. MOFs are highly porous materials that can store, separate and capture specific gases. They have a range of high-value applications, including natural gas storage in vehicles, carbon capture, heat transformation processes and drug delivery. For more information, please visit www.moftechnologies.com.