British Airways parent IAG buys stake in UK maker of fuel from ethanol
IAG, the parent company of British Airways, is buying a stake in a UK firm that is planning to start production of sustainable aviation fuel (SAF) by 2025.
The carrier needs to secure SAF to meet its decarbonisation goals, with as much as 10 per cent of its fuel consumption to be derived from sustainable sources by 2030.
The investment is in Nova Pangaea Technologies, based in north-east England, which is seeking to make the cleaner aviation fuel from ethanol. Agricultural waste and wood residue will be used as feedstock. The company plans to produce the bioethanol, which will then be used by partner LanzaJet to create the sustainable fuel.
The deal will make IAG a minority shareholder in Nova Pangaea, the companies said, without disclosing financial terms. BLOOMBERG
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