Business
Nova Pangaea investment from major airline group
Nova Pangaea investment from major airline group.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n\nRNS Reach 25 July 2023\nMercia Asset Management PLC\n \n(\"Mercia\" the \"Company\" or the \"Group\")\n \nNova Pangaea receives investment from major airline group\n \nMercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£1.4billion of assets under management, is pleased to announce that Nova Pangaea (Holdings) Limited (\"Nova Pangaea\"), one of the Group's direct investments, has received investment from International Consolidated Airlines Group S.A. (\"IAG\"), a leading global airline group and the owner of British Airways.\n \nThis 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.\n \nNova 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 SAF and a range of biochemicals. IAG's investment will support the development of Nova Pangaea's first commercial scale production facility.\n \nMercia's direct investment into Nova Pangaea was part of a £5.3million funding round in October 2022, alongside Mercia's Northern Powerhouse Investment Fund and other co-investors. It has not invested in this latest round.\n \nMark Payton, Chief Executive Officer of Mercia, said: \"This is a terrific endorsem...