(Adnkronos) – LONDON, July 24, 2023 /PRNewswire/ — International Airlines Group (IAG), the parent company of Aer Lingus, British Airways, Iberia, Vueling and LEVEL —has announced an investment into Nova Pangaea Technologies (NPT), an innovative UK-based cleantech company whose technology is a crucial pathway to the production of Sustainable Aviation Fuel (SAF). NPT's innovative technology converts agricultural waste and wood residue feedstocks into second-generation bioethanol, which can then be processed into SAF. IAG's investment will progress the development of 'NOVAONE', NPT's first waste-to-fuel commercial-scale production facility, and the UK's first of its kind. The project is in addition to IAG's investment programme in SAF, which at the end of 2022 amounted to $865 million in firm commitments on SAF purchases and investments.
A recent report from cCarbon calculates that Europe will produce a third of the world's SAF by 2030, with the SAF global market value reaching $29.7 billion, up from $1.1 billion last year. NPT is eyeing expansion in Europe as the region will play an important role in delivering global supplies of SAF. Luis Gallego, CEO, IAG said: "Sustainable Aviation Fuel is the only realistic option for long haul airlines to decarbonise, which is why investment in this area is so critical. "At IAG, we have set a goal to use 10% SAF by 2030. And we are not just buying SAF, we are willing to invest in developing the industry, but we need governments in the UK and Europe to act now to encourage further investment." Sarah Ellerby, CEO, Nova Pangaea Technologies, said: "This is a transformational milestone, and a real endorsement of the crucial work Nova Pangaea Technologies is doing. We are delighted to be adding IAG – one of the foremost names in the aviation industry – to our shareholder register. "Our facility will be the UK's first commercial plant of its kind, but we also see enormous potential in the European market. We have set our sights in delivering a sustainable source of SAF to decarbonise the aviation sector, not just in the UK, but globally too." About IAG International Airlines Group (IAG) is one of the world's largest airline groups with 558 aircraft, directly connecting the UK to 334 destinations in 81 countries. Its leading airlines in Spain, the UK and Ireland include Aer Lingus, British Airways, Iberia, Vueling and LEVEL. About Nova Pangaea Technologies Nova Pangaea Technologies (NPT) is a cleantech company that has created a revolutionary process, converting wood residues and agricultural waste into advanced biofuels and other bio products, some of which are then used to produce Sustainable Aviation Fuel (SAF), a crucial tool in the effort to decarbonise flight. British Airways: Project Speedbird 'Project Speedbird' is a partnership with British Airways, LanzaJet and Nova Pangaea Technologies. The partnership will see bioethanol feedstocks processed into SAF for British Airways by a dedicated SAF plant using LanzaJet's patented technology.
View original content:https://www.prnewswire.co.uk/news-releases/international-airlines-group-announces-significant-investment-into-nova-pangaea-technologies-in-global-race-to-secure-sustainable-aviation-fuel-301883582.html
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