BA Project Speedbird SAF partnership secures £9m government funding
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We’re delighted to share that Project Speedbird, a partnership between Par Equity portfolio company, Nova Pangaea Technologies (NPT), British Airways and LanzaJet, has been awarded £9m from the UK government’s Advanced Fuels Fund competition.
£7.5m of the funding package has been awarded to NPT to support its sustainable aviation fuel (SAF) programme with British Airways, with the remaining £1.5m awarded to Lanzajet.
British Airways is working with Teeside-based cleantech business NPT and US-based Lanzajet to produce 102 million litres of SAF per year by 2028.
The funding is set to revolutionise the future of aviation, with British Airways saying that the SAF purchased through Project Speedbird, will reduce CO2 emissions by 230,000 tonnes per year - the equivalent of 26,000 British Airways domestic flights!
The news follows International Airlines Group (IAG)’s (parent company to BA, Aer Lingus and Iberia) investment in Nova Pangea Technologies earlier this year.
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