Nova Pangaea Technologies uses a patented process to convert woody and agricultural residues into high-value sustainable products used to manufacture sustainable aviation fuel and a range of biochemicals. The process also produces biochar, which the company highlights as crucial for carbon dioxide removal and soil enhancement. Since 2019 the business has received successive funding rounds from NPIF – Mercia Equity Finance and Par Equity that enabled it to build a demonstration plant at Wilton, Redcar and prove its capability. Last year Nova Pangaea entered a partnership with British Airways and LanzaJet to launch Project Speedbird, an initiative to develop sustainable aviation fuel for commercial use in the UK. The company plans to build its first commercial plant in 2023 at its base in Wilton, which it says will create a large number of local, high-quality jobs in the low-carbon sector. Management states the recent funding will support scaling, commercialisation, signing new partnerships and ramping up production capabilities. Nova Pangaea Technologies develops a continuous thermo-chemical process called REFNOVA that converts woody and agricultural residues—such as sustainable wood, straw and crop residues—into biocarbons, biochemicals, biopolymers and drop-in biofuels. The company says it is reaching full commercialisation with significant interest from customers and partners globally. Nova Pangaea plans to develop and build its first commercial plant in the UK, with Teesside being strongly considered as the location. The new funding will support scale-up activities and further development of its world-first technology. Management frames the investment as evidence of shareholder commitment to the next stage of growth and industrial decarbonisation. The round is described as the largest fundraising the business has undertaken and represents an enhanced valuation. Nova Pangaea Technologies develops and commercialises the patented REFNOVA process to convert non-food biomass such as woody residues, wheat straw and sugar cane into biofuels and other chemicals. The technology is designed to create additional revenue for farmers and reduce dependence on fossil fuels without using land or crops suitable for food. The company completed a demonstration plant at Redcar in December 2019 and, following successful trials, won its first international customer in March. It has strengthened its executive team with Neil Guilder as CFO, Dr Neil Hindle as CTO and Peter McGenity as CCO to lead finance, technical development/operations and commercial growth. The latest funding round raised £900,000 from NPIF – Mercia Equity Finance, the UK Government’s Future Fund and existing private investors, bringing total funds raised to £3.0m. The capital will support data collection and commercialisation activities ahead of a planned Series A later in the year. Nova Pangaea Technologies is a Teesside, UK-based company that has developed a process to generate fuels and chemicals from non-food waste biomass. Its technology processes waste timber, straw and other crop residues into chemicals or bio-ethanol that can be blended into petrol, aiming to cut carbon emissions and reduce reliance on oil. The approach avoids using land or crops suitable for food and could create new income streams for industries that produce large volumes of biomass waste. Nova Pangaea is building a demonstration plant at Wilton, Teesside, supported by a £4.6m Department for Transport grant. It currently employs ten staff plus local subcontractors and plans to use the newly raised funds to complete the Teesside demo plant and commercialize its technology. The company is led by CEO Ed Wilson, an engineer and serial entrepreneur.

Total raised

$13M

Funding rounds

4

Latest round

Equity

Latest activity

Oct 2022