8th February 2022
Tees Valley Mayor, Ben Houchen visits Nova Pangaea Technologies with a focus on sustainable aviation fuel
Nova Pangaea Technologies (NPT), the Redcar-based cleantech company which has developed a proprietary technology to enable decarbonisation and net zero, today welcomed both Ben Houchen, Tees Valley Mayor, and Michael Moore, Director General of the British Private Equity and Venture Capital Association (BVCA) for a visit to its headquarters and plant operations. In his role as Chairman of the Tees Valley Combined Authority, Ben has a £500 million fund to drive economic growth in the area, with a plan to deliver 25,000 new jobs by 2026.
Based at Wilton International, Nova Pangaea Technologies has developed a process called REFNOVA to convert forestry and agricultural residues into sustainable biochemicals, biocarbons and drop-in products for advanced biofuels such as sustainable aviation fuel.
The company, which is supported by BVCA members has recently raised a further £2.4M from existing investors including Par Equity and Northern Powerhouse Investment Fund and plans to build its first commercial plant in the UK, with Teesside being considered strongly as the location.
Sarah Ellerby, CEO at Nova Pangaea Technologies said: “It was a great pleasure to host Ben and Michael at NPT today. It’s an exciting time for NPT as we scale out our current pre-commercial plant into commercial production and deliver sustainable alternatives to fossil-based products right here on Teesside. We have the opportunity to enable decarbonisation within sectors such as transport and industry and Teesside has the infrastructure, people and skills to support our first commercial plant (NOVAONE). NOVAONE will not only bring jobs and investment to the area but will showcase Teesside globally as a leader in industrial decarbonisation which will require an alignment of private and public sector investment in decarbonisation enablers like NPT”.
Ben Houchen is the first directly-elected Mayor of the Tees Valley and represents almost 700,000 people in the five boroughs of Darlington, Hartlepool, Middlesbrough, Redcar & Cleveland and Stockton on Tees. He said: “Nova Pangaea is another one of our brilliant businesses leading the way in the innovation and development of the cleaner, safer and healthier industries of tomorrow – and it’s doing it right here on Teesside. Today’s visit was an eye-opening experience as to just what is possible in these industries and it was fantastic to hear that the company has earmarked our region for a commercial plant too.
“Alternative and sustainable fuel sources for planes are increasingly becoming a pressing issue for the aviation sector as it works to do its bit to decarbonise and shift its focus onto renewables, as the industrial and energy sectors are also doing.
“This cutting-edge project shows how Teesside, Darlington and Hartlepool are continuing to make names for themselves in the industries of the future and complements schemes taking place right across our region in aviation and elsewhere.”
Michael Moore, Director General of the BVCA, said: “Today’s visit to Nova Pangaea Technologies has been a real pleasure, witnessing first-hand how this fantastic business can, and is, playing a leading role in the generation of more sustainable aviation fuels.
“Supported by BVCA members, Nova Pangaea is one of many examples of how private equity and venture capital are prioritizing positive social outcomes through their work; a strong commitment from the industry to securing our greener future.”