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Mercia Asset Management PLC on Tuesday said that one of its direct investments Nova Pangaea Holdings Ltd has received an investment from International Consolidated Airlines Group SA. The Warwickshire, England-based specialist asset manager, invested in Nova Pangaea as part of a £5.3 million funding round in October 2022. It has not, however, invested in this latest round. ‘Nova Pangaea is a clean tech business that has developed an innovative technology that converts woody and agricultural residues into high-value sustainable products that are used to manufacture SAF and a range of biochemicals,’ Mercia Asset Management said. This investment forms part of IAG’s commitment to having 10% of its jet fuel being sustainable aviation fuel by 2030. IAG is the London-based parent company of British Airways and Spain’s Iberia. Mercia said that IAG is the first European airline group to commit to this target. It added that IAG’s investment will support the development of Nova Pangaea’s first commercial scale production facility. Chief Executive Officer Mark Payton said: ‘This is a terrific endorsement for the exciting potential of Nova Pangaea’s technology. Nova Pangaea’s factory will be the first of its kind in the UK, and we are proud to be invested in a company that is not only helping the transition to a more sustainable aviation industry, but also creating new employment opportunities in the North-East.’ Shares in Mercia were up 1.2% to 26.40 pence each in London on Tuesday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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