Biomass pioneer set for expansion following £900k funding round
Summary
Nova Pangaea Technologies, the Teesside company which has found a way to use non-food biomass to make biofuels and other chemicals, has raised a further \xa3900,000 from investors following successful trials of its technology.The latest funding has come from NPIF Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, the UK Governments Future Fund and existing private investors, and will support the company in the run-up to a planned Series A investment later in the year.As part of the latest investment, the company has strengthened its executive management team with the appointment of Neil Guilder as CFO, Dr Neil Hindle as CTO and Peter McGenity as CCO.Neil Guilder has over 25 years experience as CFO of ambitious SMEs where he has led successful development financing and corporate growth. Dr Neil Hindle has over 20 years industry experience and will lead the technical development and operations of the REFNOVA\xd2 patented process. Peter McGenity has over 30 years international executive experience in renewable energy, ethanol and agri-processing and will drive the companys commercial development.Nova Pangaea patented REFNOVA\xd2 technology converts materials such as woody residues, wheat straw and sugar cane and uses them as a basis 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.It completed its demonstration plant at Redcar in December 2019 and following successful trials, gained its first international customer in March this year. The latest funding round brings the total raised to \xa33m with a full series A funding to come later this year.Sarah Ellerby, CEO at Nova Pangaea Technologies said: Its been a transformative six months for Nova Pangaea as we continue to accelerate our commercial offering and move towards a potential Series-A financing. The technology has already been successfully trialled and this latest investment will allow the team to collect more data to prove its effectiveness as it looks to target the global marketplace.Grant Peggie, Director at the British Business Bank, said: NPIF continues to provide vital funding to Northern businesses across the region.