IAG SA, a parent company of British Airways is buying stakes in the ethanol-producing firm Nova Pangaea Technologies from the UK, reports Bloomberg.
The firm, based in Northeast England is planning to start ethanol production by 2025.
IAG is working on achieving its SAF goals by using at least 10% of its fuel generated from sustainable sources by 2030.
The firm will be using agricultural waste and wood residue to produce bioethanol which will be further used by its partner company LanzaJet Inc to create sustainable fuel.
The companies without disclosing financial details stated that the deal will make IAG a minority shareholder in Nova Pangaea.
