Nova Pangaea Technologies has appointed Grant Thornton to help drive overseas expansion and technological development of its patented process REFNOVA.
The UK-based bio cleantech company is using the Leeds-based corporate finance team to lead a Series A funding drive.
CEO Sarah Ellerby said: “The funds raised in this round will be used to accelerate the licensing and commercialisation of the technology and significantly expand our team.
“We achieved swift and significant growth this year and our discussions with potential partners and customers have highlighted the scale of the opportunity available to us. We are already underway with customer trials and process design package work in the UK and internationally.”
Nova Pangaea’s REFNOVA process converts biomass from agricultural processes and turns it into the base products for biofuels, biopolymers and biochemicals.
The technology is a world-first, patented process developed by the Redcar-based company. Commercial interest in the technology is worldwide.
The Series A funding, which will raise up to £5 million (€5.5 million), will be targeted at investors with an interest in clean technology and the company expects there to be interest from UK and overseas investors keen to exploit the commercial opportunities.
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