International Airlines Group (IAG), the parent company of air carriers Aer Lingus, British Airways, Iberia, Vueling, and LEVEL, has announced an investment into Nova Pangaea Technologies Ltd (NPT), an innovative UK-based cleantech company whose technology is "a crucial pathway" to the production of sustainable aviation fuel (SAF).
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NPT’s innovative technology converts agricultural waste and wood residue feedstocks into second-generation bioethanol, which can then be processed into SAF. For instance ‘Project Speedbird’ is a partnership with British Airways, LanzaJet, and Nova Pangaea Technologies that will see bioethanol feedstocks processed into SAF for British Airways by a dedicated SAF plant using LanzaJet’s patented technology.
IAG’s investment, the value of which has not been disclosed, will progress the development of ‘NOVAONE’, NPT’s first waste-to-fuel commercial-scale production facility, and the UK’s first of its kind.
The project is in addition to IAG’s investment program in SAF, which at the end of 2022 amounted to US$865 million in firm commitments on SAF purchases and investments.
Sustainable Aviation Fuel is the only realistic option for long-haul airlines to decarbonize, which is why investment in this area is so critical. At IAG, we have set a goal to use 10 percent SAF by 2030. And we are not just buying SAF, we are willing to invest in developing the industry, but we need governments in the UK and Europe to act now to encourage further investment, said Luis Gallego, CEO at IAG.
A recent report from cCarbon calculates that North America will produce 36 percent of the world’s SAF by 2030, with the SAF global market value reaching US$29.7 billion, up from US$1.1 billion last year.
NPT is eyeing expansion in North America as the region will play an important role in delivering global supplies of SAF.
This is a transformational milestone and a real endorsement of the crucial work Nova Pangaea Technologies is doing. We are delighted to be adding IAG – one of the foremost names in the aviation industry – to our shareholder register. Our facility will be the UK’s first commercial plant of its kind, but we also see enormous potential in the North American market. We have set our sights on delivering a sustainable source of SAF to decarbonize the aviation sector, not just in the UK, but globally too, said Sarah Ellerby, CEO of Nova Pangaea Technologies.