Nova Pangaea Technologies has completed a funding round led by NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, with additional funds from existing investors including Cambridge Angels and venture capital firm Par Equity.
Nova Pangaea’s technology processes ‘non-food biomass’ such as waste timber, straw or other crop waste and uses it as a basis for chemicals or bio-ethanol, which can be blended into petrol. It offers the potential to significantly cut carbon emissions and reduce reliance on oil without using land or crops suitable for food. The technology could also provide a new source of income for industries such as sugar or any which produce a large amount of waste biomass.
The company, which is building a demonstration plant at Wilton with the help of a £4.6 million Department of Transport (DfT) grant, currently employs ten staff in addition to local subcontractors, but believes it could create hundreds of new jobs in the longer term. With the plant due for completion in the coming months, the funding will allow the company to put it into operation, and market its technology worldwide.
Category: Producer News
This articles was originally posted at: https://www.biofuelsdigest.com/bdigest/2019/09/09/nova-pangaea-technologies-scores-gbp2-3-million-investment-to-demonstrate-biomass-based-process/ on