Queen's University's spin-out company purchased by board
The boss of a Queen's University spin-out 'clean tech' firm has led a management buy-out of the business.
Dr Paschal McCloskey announced that he and other board members had bought out the majority shareholding of MOF Technologies from former owners NetScientific plc.
The business, which is based on University Road, produces so-called MOFs - highly porous materials that can store, separate and capture specific gases - which are used by big name firms including IBM and General Motors.
Dr McCloskey said the move was "a very exciting time for the company".
"The fact that we funded the buyout internally shows exceptional commitment from the management and scientists to the future of the business," he added.
"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".
Dr McCloskey becomes a key shareholder in the business along with board members Simon Henson, Professor Stuart James, Dr Tom Robinson and Dr Patrick McComiskey.
The company is already expanding and says it will "shortly announce strategic appointments to the business, including a world-renowned scientific advisory board and additional members of the technical team".
The latest business move comes just months after the tech firm announced €1.2m (£900,000) in funding to expand manufacturing and production. The money is part of a European Horizon 2020 project, the EU's biggest research and innovation scheme.
MOF is one of only three Northern Ireland companies to receive funding under the scheme.
The firm has said the cash boost would allow it to boost its manufacturing process so it can supply even bigger industries.