IAG invests in SAF developer Nova Pangaea Technologies
July 24, 2023
BY Nova Pangaea Technologies
International Airlines Group, the parent company of Aer Lingus, British Airways, Iberia, Vueling and LEVEL —has announced an investment into Nova Pangaea Technologies, an innovative U.K.-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 U.K.'s first of its kind. The project is in addition to IAG's investment program in SAF, which at the end of 2022 amounted to $865 million in firm commitments on SAF purchases and investments.
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A recent report from cCarbon calculates that North America will produce 36 percent 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 North America 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 decarbonize, which is why investment in this area is so critical.
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"At IAG, we have set a goal to use 10 percent 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 U.K. 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 U.K.'s first commercial plant of its kind, but we also see enormous potential in the North American market. We have set our sights in delivering a sustainable source of SAF to decarbonize the aviation sector, not just in the U.K., but globally too."
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