IAG Invests In Sustainable Aviation Fuel Company Nova Pangaea Technologies

Benzinga ·  07/24/2023 21:19

International Consolidated Airlines Group SA (OTC:ICAGY) announces investment into Nova Pangaea Technologies (NPT), a Teesside-based cleantech company. Financial terms not disclosed. NPT technology develops advanced biofuels used to produce Sustainable Aviation Fuel from non-food agricultural waste and wood residues. IAG's investment will accelerate the development of NPT's first commercial-scale waste-to-fuel production facility, NOVAONE. Construction is planned to begin later this year, with the facility producing biofuels by 2025, offering major opportunities for employment in the region. The deal will make IAG a minority shareholder in Nova Pangaea, reported Bloomberg citing the companies. IAG

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