Chancellor’s speech commits to SAF investment and the RCM

Nova Pangaea Technologies welcomes today’s Chancellor’s speech and to quote in particular:

“Today, I can announce that we are investing £63 million into the Advanced Fuels Fund over the next year and we have today set out the details of how we will deliver a Revenue Certainty Mechanism to encourage investment into this growing industry. These measures will encourage more investors to back production in the UK, bringing good, high-skilled jobs to areas like Teesside demonstrating that investment in the right technology can help us deliver both our growth and our clean energy missions. Now is the moment to grasp the opportunity in front of us.”

Nova Pangaea Technologies, headquartered in Teesside with a sizable demonstration facility, is poised to deliver on the Chancellor’s asks. REFNOVA®, a clean technology solution to aviation decarbonisation, converts biomass wastes and residues into 2G ethanol and biochar. The ethanol is further processed into SAF via the AtJ pathway. Nova Pangaea Technologies is in partnership with British Airways and LanzaJet to deliver Project Speedbird, a commercial SAF facility, which has already received £9m from the Advanced Fuels Fund.

The delivery of the Revenue Certainty Mechanism will encourage industry investment and into clean technologies. This coupled with the £63 million Advanced Fuels Fund investment reaffirms the UK Government’s commitment to ensuring the UK maintains its momentum as global SAF industry leader.