Achieving Net-Zero in Ireland with Direct Air Capture – NEG8 Carbon Speaks to WLR FM
Tackling climate change can seem overwhelming but there are ways we can reverse the build-up of CO₂ in the atmosphere.
NEG8 Carbon Founder & Managing Director, Ray Naughton, and Chief Financial Officer, Gráinne Moynihan, spoke to Mary O’Neill on the Hot Desk on WLR FM about how advancements in Direct Air Capture (DAC) technologies are making the tech more affordable and scalable. This positions it as a possible answer to Ireland’s emissions reduction mandate. (For more: With Direct Air Capture, We Can Reach Ireland’s CO₂ Emission Targets and Avoid €26 billion in Penalties)
Transcript of the Interview on WLR FM
Mary O’Neill:
We’re talking today about NEG8 Carbon, a fantastic green tech company based in Waterford. There’s been much discussion, some of it rather worrying about Ireland’s challenges in meeting climate targets and the potential fines for missing them. However, Direct Air Capture technology offers a way to address Ireland’s excess CO₂ emissions. To tell us more, I’m delighted to be joined by the MD and founder of NEG8 Carbon, Ray Naughton, and the Chief Financial Officer, Gráinne Moynihan. How are you both?
Ray & Gráinne:
We’re great. Nice to meet you.
Mary O’Neill:
Thanks very much for coming in. Gráinne, Ray—nice to meet you. We haven’t met before, even though I’m familiar with the company. Let’s start with the basics. Ray, for those unfamiliar, could you give us a brief overview of NEG8 Carbon?
Ray:
Of course. If you look around today, the atmosphere contains 428 parts per million of CO₂. The safe level is 350. We’re on track to reach 550 parts per million over the next 20 or 30 years, and global warming is directly linked to that rise. We developed technology to efficiently capture CO₂ from the atmosphere and store it safely. We can also utilise the
CO₂ in other ways, but I’ll come back to that later.
Ireland emits far more CO₂ than allowed by the EU. Rather than paying fines, our view is that the Irish Government should partner with us to develop large Direct Air Capture farms. These would capture the excess CO₂ and store it, possibly in depleted fields like Kinsale in Cork or Corrib off the west coast.
Mary O’Neill:
It seems like such a simple solution. Is this being done elsewhere?
Ray:
Yes. The technology is relatively new, tied to advances in nanotechnology and material science. Over the past decade, the costs have steadily decreased. Our first-generation system cost €1,000 to €2,000 per tonne of CO₂ captured. Our second generation brought that down to just over €500 per tonne, and our third generation—currently being tested—will cost between €100 and €200 per tonne. At those prices, large-scale deployment becomes practical.
Mary O’Neill:
So, you’ve been doing this in Waterford for a few years now?
Ray:
Yes. We set up here in 2021 after spending time researching in Dublin at Trinity College. We needed a base to spin out from the university. Patsy Carney, who worked with Enterprise Ireland, had helped set up wet labs in Waterford. We became the first tenant at Kinetic Labs. Having a ready-made facility allowed us to start operations immediately.
Mary O’Neill:
Are you working with government bodies directly to capture CO₂?
Ray:
That’s developing. Until recently, there was indecision at government level. But from January this year, Enterprise Ireland began assisting Irish industries to decarbonise. Funding and processes are now in place to support companies like ours.
Mary O’Neill:
So companies come to you privately to help them decarbonise?
Ray:
Yes. We have two types of customers. Some are looking to develop Direct Air Capture farms—large sites that capture CO₂ from the air. We would place these near where the CO₂ will either be stored or used, which avoids transporting it and creating a new carbon footprint. Our systems also run off-grid, using solar or wind, so we don’t rely on or affect the national grid.
Mary O’Neill:
Gráinne, you mentioned earlier that it’s exciting to be involved in a company like this. Could you tell us more?
Gráinne:
Certainly. As an accountant, I’m used to measuring inputs and outputs, but working with scientists requires understanding that research and development involves testing, experimenting, and patience. My role brings financial rigour to ensure the R&D becomes commercially viable. It’s also been a huge learning journey. In small companies, you roll up your sleeves and work across many areas, which builds skills rapidly. The combination of market timing, strong leadership from Ray, and a talented scientific and engineering team is key to making the most of new opportunities.
Mary O’Neill:
Ray, is your background in science and engineering?
Ray:
My background is in technology management. Before NEG8 Carbon, I managed venture capital funds for Irish universities, funding university projects. That’s how this project began—I saw the potential in a Trinity College project that could have a real impact on climate change. We commercialised it in 2014.
Mary O’Neill:
You now have 12 staff and are growing?
Ray:
Yes, and it’s a highly skilled, international team and about half hold PhDs. We’ve even been nominated for the Earthshot Prize by the Certified Institute of Patent Attorneys, UK, thanks to technology developed by our CTO, John Breen, and his team in Waterford.
Mary O’Neill:
2030 is fast approaching. How confident are you that technologies like yours can help meet emissions targets?
Ray:
Much more confident now than a year ago. The Irish Government is taking action, Enterprise Ireland is supporting companies like ours, and a strategy group is in place. We’re involved in those discussions and expect meaningful actions to follow.
Mary O’Neill:
And meanwhile, you’ll continue working and expanding?
Ray:
Yes. We currently have projects in Ireland, Canada, the Gulf, South Africa, and the UK. This is Waterford technology being applied internationally.
Mary O’Neill:
It’s a great story for Waterford and shows the strong demand for Direct Air Capture. Ray Naughton and Gráinne Moynihan from NEG8 Carbon, thank you both for joining me this evening.
Ray & Gráinne:
Thank you.
For more:
- Is Direct Air Capture Viable?
- What is the Value of a Carbon Credit?
- Direct Air Capture Cost Compared to Cost of Inaction on Climate Change
- Cost of Carbon Capture – How NEG8 Carbon is Making DAC Economically Viable
Interested in NEG8 Carbon’s CO2 capture technology?