Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

British Airways owner invests in Yorkshire-based green fuel supplier

by July 24, 2023
July 24, 2023
British Airways owner invests in Yorkshire-based green fuel supplier

The owner of British Airways is taking equity positions in green fuel supply companies to ensure it meets its targets to fly aircraft on lower-emission, sustainable aviation fuel.

International Consolidated Airlines Group will announce today that it has taken a stake in a would-be producer of bioethanol. The stake size is undisclosed, but the group is injecting £4.4 million into the privately owned Nova Pangaea Technologies, based near Redcar in North Yorkshire.

The money will be used by Nova Pangaea to build a plant to produce bioethanol from agricultural waste and wood residue as a feedstock for sustainable aviation fuel that will be produced, in turn, by LanzaJet. It will be Nova Pangaea’s first waste-to-fuel, commercial-scale production facility and the first of its kind to be built in Britain.

The project is part of the FTSE 100 airline group’s investment programme in sustainable aviation fuel, which at the end of last year amounted to $865 million and accounted for a quarter of the 1.25 billion litres a year of sustainable aviation fuel it will need in 2030.

The owner of British Airways, Iberia and Aer Lingus has taken an equity stake in LanzaJet, an American company that has vowed to produce sustainable aviation fuel in Britain as part of its tie-up with the airlines group in an initiative called Project Speedbird.

The BA owner has adopted Britain’s proposed mandate that aircraft must fly on fuel that is at least 10 per cent sustainable aviation fuel by 2030. That would require 1.5 billion litres of sustainable aviation fuel a year in Britain. Today global production is not more than 450 million.

Sustainable aviation fuel is seen as the only viable way of decarbonising the long-haul, large-aircraft aviation industry; electric and hydrogen technologies are seen as solutions only for smaller, shorter-range aircraft.

Luis Gallego, 54, chief executive of the airlines group, indicated that his business was travelling in a different direction to, say, the car industry, where brands have done little to invest in charging infrastructure for battery electric vehicles. Sustainable aviation fuel was “the only realistic option for long-haul airlines to decarbonise, which is why investment in this area is so critical”, he said.

Nova Pangaea, whose name is a take on “new world” (Pangaea was the supercontinent of prehistory) says construction of its plant will start this year.

Read more:
British Airways owner invests in Yorkshire-based green fuel supplier

0
FacebookTwitterGoogle +Pinterest
previous post
Job applications suffer sharp decline in skill short industries as talent crisis worsens
next post
Octopus Energy pledges £15bn investment in offshore wind by the end of the decade

You may also like

Lord Hammond to join £1bn Fintech Growth Fund

August 9, 2022

Shell puts 2,000 UK jobs at risk with...

January 27, 2023

UK food producers count the cost as post-Brexit...

May 26, 2025

Mike Ashley demands to take charge at Boohoo...

October 24, 2024

New Report Sheds Light on Pregnancy and Maternity...

September 4, 2023

Jacob Rees-Mogg ‘honoured’ to be new business secretary...

September 7, 2022

Archangels invests £13.8M in tech & life science...

December 27, 2023

Carbon Nanotubes: The Tiny Titans of Modern Science

April 4, 2025

Avoiding Headaches: How to Navigate Home Warranty Claims...

October 31, 2023

How to Port Health Insurance Policies Online in...

November 27, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025
    • White House urges Iran to accept nuclear deal as IAEA reports uranium enrichment spike

      June 1, 2025
    • Israel hostage deal in doubt as Hamas adds demands, US envoy calls terms ‘unacceptable’

      May 31, 2025
    • Iran condemns Austria over report on advanced nuclear weapons program

      May 31, 2025
    • Michelle Obama facing backlash over claim about women’s reproductive health

      May 31, 2025
    • Hamas agrees to release 10 more hostages

      May 31, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,453)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved