6th December 2017
Par Equity, DfT and Nova Pangaea successfully close equity funding for NPT’s UK Demonstration Plant on Teesside
The completion of 2017 funding for Nova Pangaea enables completion and start-up of a large plant on Teesside demonstrating its unique biomass-to-biofuels-and-chemicals process.
The Board of Directors of Nova Pangaea Technologies is pleased to announce that the company has successfully closed its 2017 round of funding. Equity investment of £1.5m has been received by the Company with the support of venture capital investors Par Equity. This investment has been complemented by a further £1.65m grant from the UK’s Department for Transport, added to the £3.0m already awarded to the company under the DfT’s Advanced Biofuel Demonstration Competition.
This funding will enable the enhancement and completion of the company’s large demonstration plant for its world-leading Refnova™ process at Wilton International on Teesside.
Refnova™ converts waste or surplus biomass efficiently into sugars and high value chemicals. The funding will also support the plant’s operation in the first half of 2018 to produce sugars from biomass for onward conversion to bioethanol for fuel, as well as valuable by-product chemicals for shipment to global- scale collaborators.
Ed Wilson, Nova Pangaea CEO and himself a major investor in the company, said, “We are delighted to welcome our new investors, including Par Equity and their large syndicate of investors, into our firm. We really appreciate the confidence both they and the Department for Transport have shown in us. This investment will allow us to complete our programme to set up sizeable demonstration operations in the UK and move on into commercialisation with our potential implementation partners in late 2018 and beyond.”
Paul Munn, Par Equity’s Managing Partner said “Nova Pangaea is a great example of a Par Equity investment, a truly disruptive technology with global potential. We are excited to be involved in the development and commercialisation of this process as it offers an array of products using a variety of biomass feedstocks. Par’s investor base offers Nova Pangaea not only financial investment but also access to the knowledge, experience and network of our investor base. We are all looking forward to supporting the company now and in its exciting future.”