Nova Pangaea Technologies have announced an exciting new venture in partnership with Sembcorp UK creating the UK’s first bioethanol plant of its kind right here in Redcar and Cleveland at Wilton International site
Nova Pangaea is working towards the UK’s ‘Jet Zero’ goal, looking to decarbonise 10% of all domestic flights, meeting urgent needs which the transport industry is actively searching for. The 5-acre site which will be known as ‘NOVAONE’ will create hundreds of jobs during construction and 45 jobs upon completion.
Construction will be started next year and is due to be completed in 2025 and will be the world’s first bioethanol facility of its kind, heavily contributing to Redcar and Cleveland’s ‘Net Zero’ campaign and will reap the rewards of being based inside Teesside Freeport, which creates opportunities and exciting projects for our area.
Nova Pangaea have been successful in getting new grant funding to support this project. The funding came from Mercia Asset Management Plc, Par Equity and NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF), with private investors also participating.
Andy Koss, Sembcorp CEO UK and Middle East, said: “Sembcorp Energy UK is excited to extend its support to Nova Pangaea with its ‘plug and play’ approach to available development land.”
Ken Cooper, Managing Director at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. Nova Pangaea is a clear example of a business that is doing just that, whilst playing a key role in the North’s efforts to decarbonise.”
Mark Payton, Chief Executive Officer of Mercia, commented: “As industries and governments alike look to transition to cleaner energy, Nova Pangaea is part of the solution. This funding round will enable the business to invest in its growth. We are excited to be supporting the scaling of Nova Pangaea as it accelerates its commercialisation, signs new partnerships, and ramps up its production capabilities.”
Sarah Ellerby, CEO at Nova Pangaea Technologies, said: “We are delighted to welcome Mercia Asset Management Plc as a shareholder and to receive additional support from other investors at such an exciting time for the business. This bridge funding will assist with the delivery of our first commercial plant and the required resourcing plan to execute on the next phase of the business. Nova Pangaea is delighted to confirm the location of our first commercial plant in Teesside. We are driven by contributing to the UK’s Levelling Up agenda as well as the UK’s recently announced Jet Zero strategy by creating significant, green jobs and accelerating the critical pathway to unlock SAF. We look forward to working with Sembcorp in an exciting opportunity for the Company and Teesside to catalyse the transition to cleaner fuels today.”