Mercia Asset Management investee wins IAG investment

(Alliance News) - Mercia Asset Management PLC on Tuesday said that one of its direct investments ...

Alliance News 25 July, 2023 | 1:08PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - 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 GBP5.3 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.

By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Mercia Asset Management PLC 33.50 GBX 0.00 -
International Consolidated Airlines Group SA 184.10 GBX -1.26 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures