Nova Pangaea Technologies, which has invented a way to use non-food biomass to make biofuels and other chemicals, has raised another GBP900,000 in the run-up to a planned Series A investment later this year.
The funding comes from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, the UK Government’s Future Fund and existing private investors.
The company also appointed Neil Guilder as CFO, Dr Neil Hindle as CTO and Peter McGenity as CCO in connection with the deal.
Nova Pangea Technologies completed its demonstration plant at Redcar in December 2019 and, following trials, gained its first international customer in March this year. The latest funding round brings the total raised to GBP3 million with a full series A round to come later this year.
“It’s been a transformative six months for Nova Pangaea as we continue to accelerate our commercial offering and move towards a potential Series-A financing,” said Sarah Ellerby, CEO at Nova Pangaea Technologies.
“This oversubscription of existing shareholders and support from Future Fund is a key indicator of the level of commitment from our shareholders to execute on the high-level of commercial interest in our technology. With the executive team in place, we are now in a position to execute the growth plan,” added Ellerby.
The Northern Powerhouse Investment Fund project is supported financially by the European Union, using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Nova Pangaea patented REFNOVAÒ technology converts materials such as woody residues, wheat straw and sugar cane and uses them to create biofuels and other chemicals, helping to produce additional revenue for farmers and reduce dependence on fossil fuels without using land or crops suitable for food.
