NOVA Pangaea Technologies, the UK company which converts woody and agricultural residues into sustainable biocarbons, biofuels, biochemicals and biopolymers, has raised a further £2.4m from existing investors as part of a successful Series A funding round.
The latest investment has been led by Par Equity, alongside Northern Powerhouse Investment Fund (NPIF) and Cambridge Angels as well as several existing private investors. It is the largest fundraising round for the company and represents an enhanced valuation of the business.
Nova Pangaea’s continuous thermo-chemical process, called REFNOVA, converts feedstocks such as sustainable wood, straw and other crop residues into biocarbons, biochemicals, biopolymers, as well as drop in for biofuels such as sustainable aviation fuel. The company plans to develop and build its first commercial plant in the UK with Teesside being strongly considered as the location, as well as carrying out further development of its world-first technology.
Sarah Ellerby, CEO at Nova Pangaea Technologies said: “We are now reaching full commercialisation of our technology with significant interest from customers and partners around the world. This new investment is a clear indicator of the level of commitment from our current shareholders to support the next stage of our scale-up. We are currently working with strategic partners to explore the possibility of Teesside as a location to build a ‘First-of-a-kind’ commercial plant. It makes perfect sense to build on Teesside. It will not only bring jobs and investment but will showcase Teesside globally as a leader in industrial decarbonisation which is only achievable if we continue investment in decarbonisation enablers like NPT”.
Alastair Moore, Investment Manager with Par Equity, said: “We have been incredibly impressed with the progress that NPT continues to make and are delighted to lead this latest round of funding. The opportunity for REFNOVA to deliver a key part of the Government’s sustainable aviation fuel mandate is increasingly important. The partnerships that the team are developing also evidence NPT’s best in class technology offering and the quality of the team throughout. We remain committed to investing in game changing technologies like NPT’s that will be fundamental to achieving global Net Zero targets.”