Nova Pangaea Technologies, a Teesside UK based business which has developed a new way to generate fuel and chemicals from waste biomass, secured a further £2.3m in funding.
The round was led by NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, with additional funds from existing investors including Cambridge Angels and venture capital firm Par Equity.
The company intends to use the funds to complete the Teesside demo plant and commercialize its technology.
Led by Nova Pangaea engineer and serial entrepreneur Ed Wilson, CEO, Nova Pangaea is advancing technology that processes ‘non-food biomass’ such as waste timber, straw or other crop waste and uses it as a basis for chemicals or bio-ethanol, which can be blended into petrol. It offers the potential to cut carbon emissions and reduce reliance on oil without using land or crops suitable for food.
The technology could also provide a new source of income for industries such as sugar or any which produce a large amount of waste biomass.
The company, which is building a demonstration plant at Wilton with the help of a £4.6million Department of Transport (DfT) grant, currently employs ten staff in addition to local subcontractors.