Teesside clean tech firm Nova Pangaea Technologies raises £5.25m investment
Summary
The recent investment was led by Mercia Asset Management Plc, Par Equity and NPIF - Mercia Equity Finance, and included private investors.Read more: Britishvolt holds emergency talks to keep North East gigaplant plans afloatNow the firm is planning to build its first commercial plant at Wilton, which it says will create a number of local jobs. It follows the opening of a demonstrator following initial investment in 2019, and a partnership announced last year with British Airways and LanzaJet to launch a sustainable aviation fuel initiative.Mark Payton, chief executive officer of Mercia, said: "As industries and governments alike look to transition to cleaner energy, Nova Pangaea is part of the solution. "Sarah Ellerby, CEO at Nova Pangaea Technologies, said: "We are delighted to welcome Mercia Asset Management Plc as a shareholder and to receive additional support from other investors at such an exciting time for the business. This bridge funding will assist with the delivery of our first commercial plant and the required resourcing plan to execute on the next phase of the business. "Alastair Moore, investment manager at Par Equity, added: "Nova Pangaea is one of the most exciting Clean Tech companies in Europe and one with the potential to deliver decarbonisation.