Last checked at 25 Jul 2023 07:00
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."
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For further information, please contact:
Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.mercia.co.uk
| +44 (0)330 223 1430
|
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".