April 1, 2021 @ 8:47 by Richard Dawson
A clean tech company based in Teesside has experienced significant growth following two funding rounds with the Northern Powerhouse Investment Fund (NPIF).
Nova Pangaea Technologies has invested in a number of senior hires in recent months, taking its total full-time members of staff to 17.
The company has also secured a string of plant trials with large forestry, agriculture and oil and gas multinationals, and is set to enter the US and Canadian markets.
Nova Pangaea’s patented technology processes ‘non-food’ plant residues, such as sustainable wood, straw and other crop residues, and uses it as a basis for the production of biocarbons, biochemicals, biopolymers or drop-in for biofuels such as bioethanol, which can be blended into petrol.
This not only offers the potential to significantly cut carbon emissions and reduce reliance on oil, it also provides new sources of income for industries which produce large amounts of plant residues.
Established in 2009, the company received an initial investment of £2.3 million in 2019 as part of a funding round led by NPIF.
This was in addition to funding from existing investors including Cambridge Angels and Par Equity.
Funds have been used to develop Nova’s technology process from its plant in Redcar.
This year, the clean tech firm has received a further £1.1 million investment from NPIF, the Government’s Future Fund and existing shareholders.
This latest round has enabled the strengthening of Nova’s executive and senior management team, with the appointment of Neil Guilder as CFO, Dr Neil Hindle as CTO and Dr Mike Donaghy and Dr Neil Marshall as senior engineers.
Nova Pangaea now has its sights set on future growth, with ambitious plans to grow its headcount and client base in the UK and internationally.
Sarah Ellerby, CEO of Nova Pangaea Technologies, said: “2020 was a pivotal year for us. We have bolstered the executive and senior team, accelerated the validation of our process even further and, most recently, hit a game-changing technology breakthrough to strengthen our value proposition.
“NPIF has been with us throughout our journey and the support from the Mercia team has been invaluable to our growth.
“We are excited to continue on that upwards trajectory as we look forward to a full Series A funding round.”
Tees Valley Mayor Ben Houchen added: “Nova Pangaea is a great example of the innovative, clean growth businesses we want to see more of across Teesside, Darlington and Hartlepool and it’s great to hear this funding will help it grow nationally and globally.”