Nova Pangaea Technologies Ltd (NPT), a UK technology developer that has developed a pretreatment process to converts biomass into valuable feedstocks for biofuels, biochemicals, and biopolymers, has raised a further GBP900 000 (≈ EUR 0.99 million) from investors following successful trials of its technology. The funding will support the company in the run-up to a planned Series A investment later in the year.
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The latest funding for the Redcar located company has come from NPIF – Mercia Equity Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund (NPIF), the UK Government’s 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.
Nova Pangaea’s technology has the potential to help break our reliance on oil and create hundreds of jobs in the years ahead. 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, said Simon Crabtree, Investment Manager with Mercia.
The Northern Powerhouse Investment Fund project is supported financially by the European Union (EU) using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank (EIB).
NPIF continues to provide vital funding to Northern businesses across the region. We are pleased to continue this support, and are proud to work in partnership the Thames Valley Combined Authority and with Mercia and our other fund managers to make a real impact on the small business community, creating jobs and supporting innovation to unlock the North’s potential, said Grant Peggie, Director at the British Business Bank.
Strategic staff appointments
NPT’s proprietary REFNOVA process is a multistage, continuous thermo-chemical process that fractionates biomass into its constituent sugars and chemicals. According to NPT, REFNOVA is available to agricultural biomass and forestry producers around the world and works across multiple feedstocks including sugarcane bagasse, wheat straw, corn kernel fibre (CKF) and woody biomass.
The demonstration plant was completed 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 GBP3 million (≈ EUR 3.32 million) with a full series A funding to come later this 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.
It’s been a transformative six months for Nova Pangaea as we continue to accelerate our commercial offering and move towards potential Series-A financing. 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, ended Sarah Ellerby, recently appointed CEO at Nova Pangaea Technologies.
