Mercia is pleased to announce that Nova Pangaea Technologies, one of the Group’s direct investments, has received investment from International Airlines Group (“IAG”), a leading global airline group and the owner of British Airways.
This investment forms part of IAG’s commitment to having 10% of its jet fuel being Sustainable Aviation Fuel (“SAF”) by 2030. IAG is the first European airline group to commit to this target.
Nova Pangaea is a Clean Tech business that has developed an innovative technology that converts woody and agricultural residues into high-value sustainable products that are used to manufacture Sustainable Aviation Fuel (“SAF”) and a range of biochemicals. IAG’s investment will support the development of Nova Pangaea’s first commercial scale production facility.
Mercia’s direct investment into Nova Pangaea was part of a £5.3million funding round in October 2022, alongside Mercia’s Northern Powerhouse Investment Fund (“NPIF”) and other co-investors. It has not invested in this latest round.
Mark Payton, Chief Executive Officer of Mercia, said: “This is a terrific endorsement for the exciting potential of Nova Pangaea’s technology. Nova Pangaea’s factory will be the first of its kind in the UK, and we are proud to be invested in a company that is not only helping the transition to a more sustainable aviation industry, but also creating new employment opportunities in the North-East.”