International Airlines Group (IAG), the parent company of Aer Lingus, British Airways, Iberia, Vueling and LEVEL, has announced an investment in 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. SAF is a cleaner-burning alternative to traditional jet fuel that can help reduce greenhouse gas emissions from aviation.
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.
“Sustainable Aviation Fuel is the only realistic option for long haul airlines to decarbonise, which is why investment in this area is so critical,” said Luis Gallego, CEO, IAG. “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.”
“This is a transformational milestone, and a real endorsement of the crucial work Nova Pangaea Technologies is doing,” said Sarah Ellerby, CEO, Nova Pangaea Technologies. “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 North American 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.”
The investment from IAG is a significant vote of confidence in NPT’s technology and its potential to help decarbonise the aviation sector. The project is expected to create hundreds of jobs in the UK and North America, and it is estimated that it could reduce greenhouse gas emissions by up to 80% compared to traditional jet fuel.
The development of SAF is seen as a key part of the aviation industry’s efforts to reduce its carbon footprint.
The investment from IAG is a significant step forward in the development of SAF, and it is likely to encourage other investors to support the technology. With the right support, SAF could play a major role in decarbonising the aviation sector and helping to protect the environment.
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