A North East technology company has announced that it has raised £2.4m as it aims to build its first commercial plant in the UK.
Nova Pangaea Technologies, headquartered in Redcar, has raised £2.4m through an investment round led by Par Equity, alongside Northern Powerhouse Investment Fund (NPIF) and Cambridge Angels.
The company, which converts woody and agricultural residues into sustainable biocarbons, biofuels, biochemicals and biopolymers, is planning to use the funds to develop and build its first UK commercial plant.
It has said that Teesside is being “strongly considered” as the site of the new plant, which would bring more jobs and investment to the area.
Sarah Ellerby, CEO of Nova Pangaea Technologies, commented: “We are now reaching full commercialisation of our technology with significant interest from customers and partners around the world.
“This new investment is a clear indicator of the level of commitment from our current shareholders to support the next stage of our scale-up. We are currently working with strategic partners to explore the possibility of Teesside as a location to build a ‘First-of-a-kind’ commercial plant.
“It makes perfect sense to build on Teesside. It will not only bring jobs and investment but will showcase Teesside globally as a leader in industrial decarbonisation which is only achievable if we continue investment in decarbonisation enablers like NPT.”
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