Nova Pangaea Technologies appoints new CEO to lead global growth

Nova Pangaea Technologies, the sustainable aviation fuel specialist backed by International Airlines Group, has appointed veteran cleantech leader Stewart Stewart as CEO.

Stewart brings 30 years’ experience in commercialising breakthrough energy and low-carbon technologies, and scaling venture-backed companies across the US and the UK. As CEO, he will lead the growth of UK-based Nova Pangaea including development of the first commercial plant using its proprietary technology, as part of its mission to decarbonise aviation.

The company, which has developed a novel technology to produce carbon negative sustainable aviation fuel (SAF) from waste biomass, is currently working with British Airways and LanzaJet on Project Speedbird, a government-supported collaboration to produce SAF in the UK.

Stewart joins from the New York-based investment bank Javelin Capital, where he advised on ‘green fuel’ opportunities. Originally from Texas, he previously held executive leadership roles with cleantech companies BayoTech and Concord Blue Energy in Los Angeles, and guided UK infrastructure owners on decarbonisation as a Senior Advisor to London-based Ikigai Energy. Across these ventures, his teams have successfully raised over £150m in equity and project capital for breakthrough energy technologies.

“Nova Pangaea has developed a truly differentiated platform to convert biomass into carbon negative sustainable fuels at scale,” said Stewart. “I’m excited to work with the team and our strategic partners to accelerate commercialisation, develop projects in the UK and globally, and build a world-class company, delivering both climate impact and long-term value.”

Gerald Koch, Chairman of the Board, added: “It’s great to have Stewart with his experience, network and personal energy on board to deliver the next important milestones in the technology and the first commercial-scale plant.”

Nova Pangaea’s innovative REFNOVA technology converts cellulosic biomass like forestry and agricultural residues into bioethanol, which can then be processed into SAF. The company operates a demonstration plant at its headquarters in Wilton International, a major manufacturing site in Tees Valley. It plans to deploy its technology at four production plants across the UK as part of Project Speedbird, as well as to license its technology internationally.

The company has raised over £21 million (€24 million) to date from investors, including IAG, PXN Ventures, Mercia Ventures and the first Northern Powerhouse Investment Fund, in addition to grant funding of £7 million (€8 million).

The Rt Hon Anna Turley, MP for Redcar, welcomed the appointment. “Nova Pangaea Technologies is something we can be genuinely proud of here in Redcar & Cleveland,” said Turley. “It’s a forward-looking business doing important work on low-carbon technologies, including projects with real carbon-capture benefits, while creating skilled jobs and investment locally.

“Wilton is a hugely important site for our area and for the country. It has the infrastructure, skills, and industrial heritage needed to lead the next generation of cleaner industry, and companies like Nova Pangaea show exactly what that future can look like. I welcome the appointment of the new CEO and wish them every success as the company moves into its next chapter.”