Nova Pangaea investment from major airline group
25/07/2023 07:00
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RNS Number : 0196H Mercia Asset Management PLC 25 July 2023
RNS Reach
25 July 2023
Mercia Asset Management PLC
("Mercia" the "Company" or the "Group")
Nova Pangaea receives investment from major airline group
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused
specialist asset manager with c.£1.4billion of assets under management, is
pleased to announce that Nova Pangaea (Holdings) Limited ("Nova Pangaea"), one
of the Group's direct investments, has received investment from International
Consolidated Airlines Group S.A. ("IAG"), a leading global airline group and
the owner of British Airways.
This investment forms part of IAG's commitment to having 10% of its jet fuel
being Sustainable Aviation Fuel ("SAF") by 2030. IAG is the first European
airline group to commit to this target.
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. IAG's investment will support the development of Nova Pangaea's
first commercial scale production facility.
Mercia's direct investment into Nova Pangaea was part of a £5.3million
funding round in October 2022, alongside Mercia's Northern Powerhouse
Investment Fund and other co-investors. It has not invested in this latest
round.
Mark Payton, Chief Executive Officer of Mercia, 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."
-Ends-
For further information, please contact:
Mercia Asset Management PLC +44 (0)330 223 1430
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.mercia.co.uk (http://www.mercia.co.uk/)
Canaccord Genuity Limited (NOMAD and Joint Broker) +44 (0)20 7523 8000
Simon Bridges, Emma Gabriel
Singer Capital Markets (Joint Broker) +44 (0)20 7496 3000
Harry Gooden, James Moat
FTI Consulting +44 (0)20 3727 1051
Tom Blackwell, Immy Ransom
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional
SMEs to achieve their growth aspirations. Mercia provides capital across its
four asset classes of venture, private equity, debt and proprietary capital:
the Group's 'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over time Mercia
can provide further funding to the most promising companies, by deploying
direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, university
partnerships and extensive personal networks, providing it with access to
high-quality deal flow.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".
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