Sustainable Aviation Fuels (SAF) Powerlist 2023

WORKING ON SAF 100 COMPANIES

100 COMPANIES WORKING ON SAF

Different companies are taking various approaches to navigate the SAF value chain successfully.

Some, especially those in the technology sector, may focus solely on developing and licensing conversion technology (e.g. Honeywell UOP, Topsoe, Velocys). Others may opt to use a range of conversion technologies and raw materials/energy sources across various markets (e.g. Air Company, Synhelion). Still, others, especially more established players, may implement a fully integrated feed-to-wingtip approach or bet on various approaches simultaneously (e.g. Neste, SkyNRG).

Regardless of their approach, we must carefully consider their route to market, whether it is through direct integration or strategic partnerships.

In the following sections, we have categorised all producers by one common factor –sustainable feedstock – which may include used cooking oils, municipal solid waste, captured carbon, or the sun.

Note that some companies work with various types of feedstock and may fit in more than one category.

FAT-TO-FUEL

Sustainable aviation fuel made from waste oils and fats is known as first-generation SAF and is the most efficient way to produce SAF because fats have been used for biodiesel production for many years.

The most common feedstock is plant or animal fats and greases that have been used for cooking and are no longer suitable for further cooking, as well as waste from food production, such as tallow.

According to Neste, this HEFA SAF can only cover around 10% of global jet fuel use because there are not enough waste oils and fats available to produce the billions of gallons of SAF the world needs, and getting the feedstock is not cheap.

DID YOU KNOW?

Traditional oil companies can adapt their existing refineries to co-process 5% feedstocks – such as used cooking oil – alongside fossil fuels. BP has already begun producing SAF using this method in Lingen, Germany, and plans to do the same at four other refineries. While co-processing is an important step, it still is not enough to meet the growing demand for SAF. Stand-alone units will also be required to ramp up production, according to Andreea Moyes, Air bp's global head of Sustainability. BP's goal is to eventually add up to 30% renewable feedstock.

Founded: 2005

HQ: USA

aemetis.com

Founded: 1929

HQ: Spain

aviation.cepsa.com

Founded: 1995

HQ: USA

regi.com

Founded: 2005

HQ: Japan

euglena.jp

Founded: 2021

HQ: Paraguay

bsbios.com

Founded: 2000

HQ: USA

chevronlummus.com

Founded: 1953

HQ: Italy

eni.com

Founded: 2019

HQ: USA

fidelisinfra.com

Aemetis

Chevron Renewable E. G.

Cepsa

Euglena

BSBIOS Paraguay

Eni

Chevron Lummus

Fidelis New Energy

FAT-TO-FUEL

Greenlight Bio Oil

Founded: 2022

GS Caltex

Founded: 1967

HQ: USA HQ: South Korea glboil.com

gscaltex.com

Honeywell

Founded: 1906

HQ: USA

uop.honeywell.com

Neste

Founded: 1948

HQ: Finland

IHI Corporation

Founded: 1853

HQ: Japan

ihi.co.jp

NXTClean Fuels

Founded: 2016

HQ: USA

nxtclean.com

OMV Group

Founded: 1956

Oriental Energy

Founded: 1996

HQ: Austria

omv.com

Pertamina

Founded: 1957

HQ: Indonesia

HQ: China pertamina.com

chinadhe.com

Petronas

Founded: 1974

HQ: Malaysia

petronas.com

Phillips 66

Founded: 1927

HQ: USA

phillips66.com

Repsol

Founded: 1986

HQ: Spain

neste.com repsol.com

Preem

Founded: 1994

HQ: Sweden

preem.se

SARIA Group

Founded: 1998

HQ: Germany

saria.com

Founded: 1921

HQ: UK

shell.com

St1

Founded: 1995

HQ: Sweden

st1.com

Valero Energy Corp.

Founded: 1980

HQ: USA

valero.com

World Energy

Founded: 1989

HQ: USA

worldenergy.net

Founded: 2000

HQ: China

sinopecgroup.com

TotalEnergies

Founded: 1992

HQ: France

aviation.totalenergies.com

Viridos

Founded: 2005

HQ: USA

viridos.com

CROP-TO-FUEL

The Crop-to-Fuel pathway harnesses the power of agriculture to transform resilient nonfood crops into jet fuel. The most commonly used feedstocks for this purpose are cover crops or rotational oil seed crops like camelina, carinata, and pennycress. These crops can be grown in rotation with wheat and other cereals within the same year when the land would otherwise be left fallow as part of the normal crop rotation program. This practice not only helps diversify the crop base for growers but also reduces

monocropping, which has been shown to degrade soil and reduce yields and resistance to pests and diseases.

Abengoa

Founded: 1941

HQ: Spain

abengoa.com

Adkins Energy

Founded: 1996

HQ: USA adkinsenergy.com

Amyris

Founded: 2003

Agrisoma

Founded: 1956

HQ: Austria

agrisoma.com

Gevo

Founded: 2005

HQ: USA amyris.com

Global Clean Energy

Founded: 2007

HQ: USA

Mitsubishi

Founded: 1870

HQ: Japan

mitsubishicorp.com

Raizen

Founded: 2011

HQ: Brazil

raizen.com.br

gevo.com

Honeywell UOP

Founded: 1914

HQ: USA

HQ: USA gceholdings.com

uop.honeywell.com

Nuseed

Founded: 2006

HQ: Australia

nuseed.com

Sustainable Oils

Founded: 2005

HQ: USA

susoils.com

WASTE-TO-FUEL

Waste-to-fuel, also known as second-generation biofuel, is a prominent pathway of SAF production that utilises technologies like gasification and Fischer-Tropsch synthesis to transform solid waste into a clean drop-in jet fuel.

The two common feedstocks are cellulosic waste and municipal solid waste (MSW):

• Cellulosic waste comes from excess wood, agricultural waste (such as corn stalks), and forestry residues (branches and leaves that are not tradeable).

• Municipal solid waste includes carbon-based waste from households and businesses like product packaging, grass clippings, furniture, clothing, bottles, food scraps, and newspapers.

Municipal solid waste has the potential to be an abundant and sustainable feedstock. Instead of simply discarding this waste in landfills where it emits methane and other harmful gases, it can be repurposed to create valuable jet fuel.

air BP

Founded: 1909

HQ: UK

bp.com

Alfanar Energy

Founded: 2021

HQ: USA

safinvestor.com

Colabit

Founded: 2013

HQ: Sweden

colabit.com

Elyse Energy

Founded: 2020

HQ: France

elyse.energy

Alder Renewables

Founded: 2021

HQ: USA

alderrenewables.com

Byogy Renewables

Founded: 2005

HQ: USA

byogy.com

DG Fuels

Founded: 2009

HQ: USA

dgfuels.com

Enerkem

Founded: 2000

HQ: Canada

enerkem.com

WASTE-TO-FUEL

Expander Energy

Founded: 2004

Firefly

Founded: 2022

HQ: UK expanderenergy.com

HQ: Canada

Fulcrum BioEnergy

Founded: 2007

HQ: USA

fulcrum-bioenergy.com

Kaidi

Founded: 2016

HQ: Finland

kaidi.fi

Mercurius Biorefining

Founded: 2009

HQ: USA

mercuriusbiorefining.com

Nippon Paper

Founded: 1949

HQ: Japan

nipponpapergroup.com

Nova Pangea Technologies

Founded: 2008

HQ: UK

novapangea.com

Raven SR

Founded: 2018

HQ: USA

ravensr.com

firefly.uk

Johnson Matthey

Founded: 1817

HQ: UK

matthey.com

LanzaJet

Founded: 2020

HQ: USA

lanzajet.com

Montana Renewables

Founded: 2021

HQ: USA

montanarenewables.com

Northwest Advanced Biofuels

Founded: 2017

HQ: USA

nwabiofuels.com

Proton Power

Founded: 2005

HQ: USA

protonpower.com

Rocky Mountain Clean Fuels

Founded: 2017

HQ: Canada

rmcfi.com

WASTE-TO-FUEL

SAFFiRE Renewables

Founded: 2022

SGP BioEnergy

Founded: 2013

HQ: USA HQ: USA

saffirerenewables.com

SHV Energy

Founded: 1896

HQ: The Netherlands

shvenergy.com

Swedish Biofuels

Founded: 2000

HQ: Sweden

swedishbiofuels.com

Topsoe

Founded: 1940

HQ: Denmark

topsoe.com

VARO Energy

Founded: 2012

HQ: Switzerland

varoenergy.com

Vertimass

Founded: 2013

HQ: USA

vertimass.com

Wastefuel

Founded: 2018

HQ: USA

wastefuel.com

sgpbioenergy.com

Steeper Energy

Founded: 2011

HQ: Denmark

steeperenergy.com

Tessomo Technologies

Founded: 2018

HQ: Ireland

tessomotechnologies.com

UPM Biofuels

Founded: 1996

HQ: Finland

upmbiofuels.com

Velocys

Founded: 2004

HQ: UK

velocys.com

Virent

Founded: 2013

HQ: USA

virent.com

XFuel

Founded: 2010

HQ: Ireland

xfuel.com

AIR-TO-FUEL

The Air-to-Fuel pathway of SAF production is at the forefront of innovation, harnessing carbon dioxide directly from the atmosphere and combining it with green hydrogen to produce synthetic jet fuel, also known as e-fuel. Such fuel can help counteract today’s hard-to-abate CO2 emissions while also addressing the large volumes of CO2 emitted in the past. Moreover, unlike biofuels, synthetic fuel doesn’t raise concerns about feedstock supplies and land use.

Although the Power-to-Liquid (PtL) process is currently expensive and needs further development, it has the potential to be a game-changer in reducing harmful emissions. In fact, experts predict that the PtL route will produce the largest volume of sustainable aviation fuel in the long term, with estimated to reach $1,300 per tonne of jet fuel by 2050.

Air Company

Founded: 2016

HQ: USA

aircompany.com

Atmosfair

Founded: 2005

HQ: Germany

atmosfair.de

Carbon Engineering

Founded: 2009

HQ: Canada

carbonengineering.com

Dimensional Energy

Founded: 2014

HQ: USA

dimensionalenergy.com

Nacero

Founded: 2015

HQ: USA

nacero.com

Arcadia eFuels

Founded: 2021

HQ: Denmark

arcadiaefuels.com

Caphenia

Founded: 2011

HQ: Germany

caphenia.tech

Cemvita

Founded: 2017

HQ: USA

cemvita.com

IðunnH2

Founded: 2020

HQ: Iceland

idunnnh2.com

Nordic Electrofuel

Founded: 2015

HQ: Norway

nordicelectrofuel.no

AIR-TO-FUEL

Norsk e-fuel

Founded: 2019

HQ: Norway

norsk-e-fuel.com

Prometheus Fuels

Founded: 2018

HQ: USA

prometheusfuels.com

Sasol

Founded: 1950

HQ: South Africa

sasol.com

SkyNRG

Founded: 2009

HQ: The Netherlands

skynrg.com

Sunfire

Founded: 2010

HQ: Germany

sunfire.de

Zero

Founded: 2020

HQ: UK

zero.co

P2X-Europe

Founded: 2021

HQ: Germany

p2x-europe.com

SAF Consortium+

Founded: 2019

HQ: Canada

safplusconsortium.com

Siemens Energy

Founded: 2020

HQ: Germany

siemens-energy.com

Spark e-fuel

Founded: 2021

HQ: Germany

sparkefuels.com

Twelve

Founded: 2015

HQ: USA

twelve.co

SUN-TO-FUEL

The development of solar fuel represents an exciting new pathway towards cleaner skies. The Sun-to-Fuel pathway harnesses concentrated solar energy to power thermochemical reactions that convert water and CO2 into synthetic gas, and ultimately, liquid fuel. Unlike other methods, it does not rely on waste resources or non-food crops. By harnessing the abundant energy of the sun, there is theoretically an unlimited source of fuel, which has the potential to make up a large proportion of SAF production in the future.

While we are still a ways off from fully solar-powered aircraft, there are many exciting developments in solar fuel research. A number of research centres and groups are dedicated to the goal of creating fuel from sunlight – read more about them here.

Circulairity

Founded: 2023

Synhelion

Founded: 2016

HQ: Switzerland - synhelion.com

HQ: UK

PRODUCTION

LEADERS & CHALLENGERS

Quantifying leadership in the SAF industry remains challenging due to its dynamic nature and the absence of universally accepted benchmarks. A pragmatic and effective approach to gauge a company's influence and progress can be done by examining its offtake volume, which denotes the quantity of SAF that a company has committed to supply. This measure reflects both a company's production capabilities and its market reach, and indicates its impact in driving the industry forward.

By this standard, five companies emerge as the leaders based on publicly available data: Gevo, Alder Renewables, Fulcrum BioEnergy, Shell Aviation, and Neste. They are not only bolstering the credibility of SAF through significant supply commitments but are also paving the way for a greener future in aviation.

We remain conscious of the fact that offtake volumes will be realised in the distant future and are not necessarily the most accurate measure of the SAF supply. However, they are an important indicator of the industry’s SAF demand signals, and the suppliers’ response to those demands. This is a starting point. We will continue to improve our metrics in the future editions of this report as the SAF supply becomes more quantifiable.

LEADERS GEVO

Country: USA

Offtake volume: 9.55 billion litres

Key Parners: Delta Air Lines, American Airlines, Finnair

Website: gevo.com

By offtake commitments, Gevo is by far the largest SAF player in the world. Their technology enables the conversion of renewable resources into isobutanol and hydrocarbons, creating jet fuel with a significantly reduced carbon footprint. The company primarily uses sustainably sourced carbohydrates like residual cornstarch as the feedstock for SAF.

While the effect of biofuels on food security has always raised several concerns, Gevo claims to use carbohydrates which currently suffer from an oversupply. Furthermore, carbohydrates are sourced from corn, only 1% of which is currently used for human consumption in the US.

Moreover, Gevo ensures that the energy sources for SAF production are renewable, thereby avoiding a massive chunk of carbon emissions from grid electricity. They also capture carbon at every step of the production process. In line with their principle of transparency, Gevo uses blockchain to track the sustainability of products. Called Verity Tracking, the program uses Farmer’s Edge’s precise farming database to measure and track carbon intensity throughout the SAF life-cycle.

Learn more about Gevo in our podcast episode featuring their CEO, Dr Patrick Gruber.

FULCRUM BIOENERGY

Country: USA

Offtake volume: 6.72 billion litres

Key Parners: United Airlines, Cathay Pacific, Japan Airlines

Website: fulcrum-bioenergy.com

Fulcrum BioEnergy is pioneering the conversion of landfill waste into low-carbon fuel. Their process utilises gasification and Fischer-Tropsch technologies to produce renewable drop-in fuels, including SAF. In December 2022, the company’s Sierra BioFuels Plant, the first of its kind, produced low-carbon synthetic crude oil from landfill waste. The company argues that landfill waste is a readily available, low-cost feedstock for renewable fuel production. This waste doesn't require cultivation or extraction from wells, enabling Fulcrum to competitively price their fuels. Moreover, the existing infrastructure for waste collection, sorting, and delivery provides a stable supply chain. With almost 300 million tons of garbage generated annually in the U.S. alone and secured long-term supply agreements, Fulcrum's feedstock supply is both abundant and stable, supporting their growth plans.

They've secured waste supplies and fuel offtake agreements and are progressing on over ten future U.S. plants for net-zero carbon fuels. Additionally, they're exploring international opportunities in select countries, including the U.K., Mexico, Australia, South Korea, and Japan.

Source: Fulcrum BioEnergy

ALDER RENEWABLES

Country: USA

Offtake volume: 5.68 billion litres

Key Parners: United Airlines, Boeing

Website: aderrenewables.com

Alder Renewables is harnessing the power of sustainable biomass to create a low-carbon to carbon-negative renewable proprietary platform called Alder Renewable Crude (ARC). This innovative product can be converted into various forms of renewable energy and products, including SAF, low-carbon marine and transport fuels, and bio-based chemicals. The company says their key differentiator is the inherent adaptability of their ARC production process. This technological advantage allows them to utilise a range of abundant, non-food biomass sources, including sustainable woody residues, agricultural byproducts, and next-generation energy crops like Miscanthus.

Behind Alder Renewables are some of the most influential names in the industry – Honeywell UOP, United Airlines Ventures, Directional Aviation, and Avfuel. Their technology has undergone trials and tests at the Department of Energy’s National Renewable Energy Laboratory (NREL), with support from the U.S. Defense and Logistics Agency.

Source: Alder Renewables

SHELL AVIATION

Country: UK

Offtake volume: 2.8 billion litres

Key Parners: Delta Air Lines, Alaska Airlines, JetBlue, Lufthansa Group

Website: shell.com

Shell has set a goal to produce 2 million tonnes of SAF annually by 2025, positioning it as a global leader in SAF production and a key player in aviation decarbonisation. This forms part of Shell’s broader plan, announced in February 2021, to invest $5-6 billion annually in areas including marketing, hydrogen, power and low-carbon fuels.

The company intends to produce SAF in two ways: from biomass like used vegetable oils or agricultural waste and, eventually, by using synthetic technologies to convert non-recyclable waste and alcohol to jet fuel. They expect to implement these synthetic technologies by 2030. Shell's projects vary in progress, with some ready to proceed given sufficient demand, while others require further investment in new technologies.

Instead of relying on agricultural crops, which are common biofuel sources, Shell's primary focus is on using waste, inedible crops, or forestry products for biofuel development and investment. This focus aligns with their commitment to using waste resources and existing infrastructure to mitigate environmental impact while supporting the transition to lower carbon operations in the aviation sector.

A notable project is their biofuels facility at the Shell Energy and Chemicals Park Rotterdam. Expected to start production in 2025, it will produce SAF and renewable diesel from waste. Additionally, through the acquisition of EcoOils and investment in LanzaJet, Shell is expanding its capabilities in waste oils recycling and Alcohol-to-Jet fuel technology. In May 2023, they announced a multi-year offtake agreement with Montana Renewables, the largest SAF producer in North America. They also supply SAF to major airlines like Delta Air Lines, Alaska Airlines, and JetBlue.

Source: Shell

Country: Finland

Offtake volume: 2.45 billion litres

Key Parners: Air France - KLM, Lufthansa, Delta Air Lines, American Airlines

Website: neste.com

Neste is aiming to reduce greenhouse gas emissions by at least 20 million tons of CO2e annually by 2030. As one of the world’s leading producers of SAF, renewable diesel and renewable feedstock solutions, Neste is committed to turning its Porvoo refinery in Finland into Europe's most sustainable refinery by 2030 and achieving carbon-neutral production by 2035.

Neste’s revenue in 2022 was EUR 25.7 billion, and it employed an average of 5,244 employees. Its production facilities in Finland, the Netherlands, and Singapore have a combined nameplate capacity of about 3.3 million tons, set to increase to 5.5 million tons by 2024 due to expansions and joint operations with Marathon Petroleum.

Neste says their MY Sustainable Aviation Fuel™, a direct replacement for fossil jet fuel, reduces GHG emissions by up to 80% compared to fossil jet fuel. It is currently in use by many major airlines, including Air France-KLM, Lufthansa, Delta and American Airlines and is available at many international airports. The fuel is produced from 100% renewable waste and residue raw materials, such as used cooking oil and animal fat waste, using NEXBTL™ technology. Neste is also exploring the use of new raw materials and technologies, including algae, municipal solid waste, lignocellulosics, and Power-toLiquids.

Source: Neste

CHALLENGERS

The landscape of SAF is as diverse as it is innovative, with emerging players challenging conventional production methods and reshaping the industry. As we navigate towards a sustainable future, we shine the spotlight on five promising challengers – Twelve, Air Company, Synhelion, Dimensional Energy, and Velocys – that are embracing unique and innovative pathways.

While these companies might not currently have the highest offtake commitments, their groundbreaking work is noteworthy. By focusing on abundant and renewable resources such as the sun or air for their inputs, these companies are driving a paradigm shift in SAF production.

Their methods offer hope for a future where SAF can be produced without straining global resources and feedstocks. Their technological advances could lead to more sustainable and economically viable SAF production processes, serving to democratise the industry, reduce carbon emissions, and potentially transform aviation as we know it.

Country: USA

Pathway: Air-to-fuel

Key Parners: Etihad, Alaska Airlines, Microsoft, US Air Force Website: twelve.co

Twelve, previously Opus 12, was established from pioneering discoveries in CO2 electrocatalysis by Dr Etosha Cave and Dr Kendra Kuhl at Stanford University. They co-founded Twelve in 2015 with Nicholas Flanders, aiming to revolutionise emissions reduction by creating critical chemicals from CO2, not fossil fuels.

Their proprietary CO2Made® technology mimics photosynthesis at an industrial scale, converting CO2 into useful products using water and renewable energy while only producing water and oxygen. This innovative electrochemical reactor can make thousands of chemicals and fuel products from air that are currently made from oil.

The technology includes a novel CO2-reducing catalyst, which electrifies CO2 and water, again producing only water and oxygen as outputs. This system can be seamlessly integrated into existing industrial frameworks due to its modular and scalable design.

Their Opus™ platform, launching in 2023, could potentially eliminate up to 10% of global emissions by transforming supply chains from fossil fuels to CO2 reliance.

AIR COMPANY

Country: USA

Pathway: Air-to-fuel

Key Parners: Air Canada, US Air Force, Boeing, Boom Supersonic, JetBlue, Virgin Atlantic, NASA

Website: aircompany.com

What sets Air Company apart is their proprietary AIRMADE™ technology that imitates the recipe of photosynthesis. It transforms carbon dioxide into impurity-free alcohols that can be used to create a variety of consumer goods. The only three inputs that are required are air (carbon dioxide), water, and sun (renewable energy).

Launching initially with a carbon-negative vodka, Air Vodka, Air Company is now producing carbon-converted Air Spray hand sanitiser and Air Eau de Parfum, among other consumer innovations in the pipeline. However, Air Company has been able to take things further and has created a single-step 100% drop-in sustainable aviation fuel made from carbon dioxide.

E-fuels are typically made using the Fischer-Tropsch process, which has an energy efficiency of only 20%. Air Company’s process, on the other hand, achieves an efficiency of 50%, more than double that of Fischer-Tropsch. Their AIRMADE™ SAF is predicted to reduce greenhouse gas emissions by up to 97%.

JetBlue, Boom Supersonic, Virgin Atlantic and the US Air Force are just a few of the customers Air Company works with. They’ve also worked with the National Aeronautics and Space Administration to make rocket fuel from captured CO2 and recently won an additional grant with them to continue its research and development of kerosene-based rocket fuel.

Learn more about Air Company in our podcast episode featuring co-founder and CEO, Gregory Constantine.

Source: Air Company

DIMENSIONAL ENERGY

Country: USA

Pathway: Air-to-fuel

Key Parners: United Airlines, Boom Supersonic Website: dimensionalenergy.com

Dimensional Energy™ is a company that focuses on transforming carbon dioxide into SAF. Dimensional Energy's process involves using carbon dioxide from the atmosphere and industrial sites, and hydrogen derived from water, to produce their products. Their proprietary technology, the Dimensional Energy™ reactor and catalysts, break down the carbon dioxide into carbon monoxide, which then mixes with hydrogen to make synthesis gas or syngas, a building block for fuel and products. This allows them to produce 15 barrels of valuable products for every 10 tons of carbon dioxide processed.

The company is operating a facility in Tucson, Arizona, supported by the US Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E) and Solar Energy Technology Office (SETO), that produces SAF and other products. By 2023, the company plans to operate the world's first point source production facility for SAF at a Lafarge Canada cement plant in Vancouver, BC.

In 2025, in collaboration with Seneca Holdings, Dimensional Energy™ aims to commission a commercial-scale, hydroelectric-powered carbon dioxide-to-fuels plant in Niagara Falls, NY. The goal is to produce 8,400 gallons of fuel per day. By 2027, the company plans to expand its production to 42,000+ gallons per day, with operations in California and beyond, intending to fuel global air travel.

Recent investment from United Airlines is accelerating this timeline. The company's goal is to replace 11% of global emissions or about 4.4 billion tons per year with Dimensional Energy™ fuel, turning them into industrial use.

Source: Dimensional Energy

SYNHELION

Country: Switzerland

Pathway: Sun-to-fuel

Key Parners: SWISS, Edelweiss, Lufthansa Group

Website: synhelion.com

Synhelion has developed a unique technology to produce sustainable solar fuels from solar energy. Their fuels include kerosene, gasoline, diesel, methanol, hydrogen, and synthetic crude oil, and can be used in existing vehicles and aircraft, offering a sustainable alternative to fossil fuels.

Their process works by reflecting solar radiation onto a receiver, converting it into high-temperature process heat. This heat is then fed to a thermochemical reactor that produces syngas, a mix of H2 and CO, which is processed into fuels. Excess heat is stored for 24/7 operation.

Synhelion is building DAWN, the world’s first industrial-scale solar fuel plant, in Jülich, Germany. It is set to produce thousands of litres of solar fuel per year and is due to be commissioned in 2023/2024. The first commercial plant, planned in Spain, will produce 1.25 million litres of solar fuel per year.

Synhelion recently announced two major financial boosts. Firstly, the U.S. Department of Energy granted $3.2 million to Solar MEAD, a project led by Synhelion, CEMEX, and Sandia National Laboratories, which seeks to reduce carbon emissions in cement production. Secondly, Synhelion successfully raised CHF 22 million in a financing round, with contributions from existing investors and new strategic ones, including Swiss International Air Lines (SWISS). These funds will facilitate the company's growth and expedite the scaling and commercialisation of its innovative technology.

Source: Synhelion

VELOCYS

Country: UK

Pathway: Waste-to-fuel

Key Parners: IAG, Southwest Airlines

Website: velocys.com

Velocys, a sustainable fuels technology company listed on the London Stock Exchange, has been advancing its patented technology over the past twenty years to produce netzero SAF on a commercial scale.

Originating as a spin-off from the University of Oxford, Velocys utilises waste materials like municipal waste and woody biomass to create SAF. This is achieved by enhancing the Fischer-Tropsch process, a method for synthesising hydrocarbons, which allows for the production of synthetic fuel without altering existing jet engines or airport infrastructure. The company offers a full package to project developers, owners, and operators, providing reactors, catalysts, and engineering services. Velocys claims to produce the world's most compact Fischer-Tropsch reactor, making advanced biofuels from large, sustainable carbon sources like household waste and forest residues.

A new reactor core assembly facility has been built in Columbus, Ohio, with production capacity to meet projected orders until 2028. The site can produce around 12 reactors a year. Furthermore, in collaboration with British Airways, Velocys is developing Altalto, a commercial waste-to-fuel plant in the UK, which is expected to be Europe's first commercial-scale waste-to-jet-fuel facility.

Source: Velocys

PURCHASERS TOP SAF

TOP SAF PURCHASERS

According to ICAO's publicly available data, currently there are 42.5 billion liters of SAF under offtake agreements. While we have seen which are the companies supplying them, it is important to understand who are the purchasers too. Because SAF is in short supply, any CEO serious about the survival of his or her airline in the next decades is keen to secure enough supplies to meet government mandates, and keep the promises to investors and customers of decarbonising their operations. Airlines that do not secure supplies may soon be left scampering when there's insurmountable pressure from regulators or climate activists.

There is strong demand from European and North American airlines. The European carriers have strict mandates to meet set

by the governments. At the same time, USbased airlines have very good incentives to buy SAF given the incentives offered in the Inflation Reduction Act. This has resulted in airlines from these regions being the bulk of the purchasers.

Asian and Middle Eastern airlines are lagging right now. But that should change. We see Qatar Airways buying SAF through the Oneworld Alliance and in SAF hubs like the Netherlands. Singapore Airlines should benefit from the large Neste SAF investment in the country.

While oneworld Alliance and Delta Air Lines are tied in second place for buying the most SAF, United Airlines drowns them, taking 25% of the global market share.

OUTLOOK FUTURE

FUTURE OUTLOOK

Looking towards the future, SAF are slated to occupy an increasingly significant role in the aviation fuel mix. Governments across the globe are cognizant of this potential and are thus introducing supportive policies to bolster SAF production and usage.

For instance, the European Union's "ReFuelEU Aviation" initiative seeks to enforce a minimum SAF usage in aviation. Similar policies are under consideration or have been enacted in the U.S. and other parts of the world.

Innovation in SAF production will be vital to overcoming the current technical and economic hurdles. The production of SAF from direct air capture of CO2 is a technological breakthrough that offers hope for a future where SAF are not only sustainable but also scalable to meet global demand.

The path to widespread SAF adoption is filled with challenges. However, a confluence of technological advancement, supportive policies, and industry collaborations herald a promising future where our skies remain blue, thanks to a green solution.

Source: Green Air

SAF 101 APPENDIX

WHAT IS SAF?

Sustainable aviation fuels (SAF) represent a broad category of fuels derived from non-fossil sources, including advanced biofuels and e-fuels, offering a sustainable alternative to conventional jet fuel. Generally, SAF exhibits three key features: Firstly, it is considered sustainable, which means it can be sourced repeatedly and continually in a way that aligns with economic, social, and environmental goals. This helps maintain ecological balance by avoiding the depletion of natural resources.

Secondly, it is a fuel designed for aviation that uses alternative, nonconventional or advanced feedstocks for production instead of crude oil. It is also processed to jet fuel in an alternative manner. The feedstocks can take various forms, including plant oils, cooking oils, waste gases, agricultural residues, and municipal waste.

Lastly, SAF is a jet fuel that of course meets the technical and certification requirements for use in commercial aircraft.

WHY DO WE NEED SAF?

The significance of SAF lies in their capability to mitigate the environmental impact of air travel. The aviation industry contributes around 2.5% of global carbon dioxide emissions, and these numbers are set to rise with the increasing demand for air travel. SAF provide an answer to this looming crisis.

The International Air Transport Association (IATA) estimates that SAF could contribute approximately 65% of the emissions reduction necessary for aviation to achieve its goal of reaching net

zero CO2 emissions by 2050. SAF could also reduce the lifecycle greenhouse gas emissions by up to 80% when compared to conventional jet fuel.

Besides their environmental benefits, SAF holds practical advantages too. They are 'drop-in' fuels, meaning that they can be blended with conventional jet fuel and used in existing aircraft engines without any need for modification. This attribute can substantially simplify and accelerate the transition from fossil-based fuels to SAF in the aviation industry.

Source: Honeywell

HOW SUSTAINABLE IS SAF?

The use of SAF alone does not necessarily reduce overall carbon emissions. Different production methods can have vastly different impacts.

For instance, a study found that the biofuel made from palm oil produced in Indonesia would have 24 times the impact of SAF produced from grass in the United States due to deforestation associated with palm cultivation.

However, achieving a net reduction in carbon emissions is a crucial reason for using SAF to meet the aviation industry's ambitious climate goals. To ensure that

SAF has a positive impact, it must undergo lifecycle analysis and meet sustainability certification criteria.

Governmental financial incentives for SAF production or use are typically available for SAF that meets sustainability standards. These include the US Renewable Fuels Standard (RFS2), the EU Emissions Trading Scheme (EU ETS), the EU Renewable Energy Directive (RED), and CORSIA. Notably, in the US and EU, only certified SAF can contribute to government mandates for renewable fuel volumes or quotas.

Source: Beginner's Guide to Sustainable Aviation Fuel - ATAG

WHY AREN'T WE SWITCHING TO SAF RIGHT AWAY?

Producing and deploying SAF involves a complex array of challenges that need to be overcome for the widespread adoption of these fuels in the aviation industry. Some of the key challenges include:

HIGH PRODUCTION COSTS

01 02 SAF - STATE OF THE INDUSTRY 2023

FEEDSTOCK AVAILABILITY

The primary challenge for SAF is its high cost of production compared to conventional jet fuels because the production processes of SAF are technically complex and resource-intensive. Plus, the cost of feedstocks and their processing can significantly increase the total cost. The current costs of SAF are 2 to 8 times higher than those of conventional jet fuel. For SAF to become competitive, significant technological improvements and economies of scale are required.

TECHNOLOGICAL CHALLENGES

While the technology to produce SAF is proven, there are challenges related to efficiency, scalability, and the processing of certain feedstocks. For instance, the technology for producing SAF from algae or municipal waste is still in its nascent stages and needs further development to become commercially viable. For e-fuels, the problem of large-scale production is the same: all the world's renewable electricity would not be sufficient to produce the amount of fuel used by aviation today.

INFRASTRUCTURE REQUIREMENTS

SAF are 'drop-in' fuels that can be used in existing aircraft and infrastructure without modifications. However, incorporating SAF into the existing fuel supply chain infrastructure poses logistical challenges. These include segregation and quality control issues during blending, transportation, and storage. Moreover, consider this: the Norsk e-fuel plant could eventually produce 100 million litres of fuel per year, but it would take dozens of similar plants to supply Charles de Gaulle airport in Paris alone.

REGULATORY & POLICY SUPPORT

Regulatory support is vital to stimulate the production and uptake of SAF. Inconsistent policies and regulations across different regions can pose a challenge. Policymakers need to implement a harmonised set of incentives, standards, and mandates to foster the growth of the SAF industry.

The adoption of SAF is not just a technical or economic issue, but also a systemic challenge requiring coordinated efforts from all stakeholders, including fuel producers, airlines, governments, and research institutions. Addressing these challenges is crucial for a sustainable transition towards a low-carbon future for aviation.

KEY DEVELOPMENTS

As one of the main emission mitigation measures for international aviation, the production, certification and commercial use of SAF have made significant strides in recent years.

To accelerate the transition to sustainable aviation, the European Parliament has recently adopted a bill where the percentage of SAF that must be blended with kerosene will start at 2% by 2025, moving to 6% by 2030, 20% by 2035, 34% by 2040, and reaching 70% by 2050.

Many countries have already committed to introducing SAF blending mandates. In 2020, Norway was the first to introduce a 0.5% SAF blending mandate, followed by Sweden, which has increased its SAF mandate to 1.7% in 2022. Meanwhile, France introduced a 1% blending mandate for SAF in 2022.

To achieve these ambitious goals and reach a wider SAF diversification, IATA has identified three main avenues:

• Scale already certified SAF pathways (e.g. Alcohol-to-Jet, Fischer-Tropsch).

• Accelerate research and development for SAF production pathways that are currently in development.

• Scale up of feedstock/feedstock conversion technology.

While the actual SAF production grew by an impressive 300% from 100 million litres in 2021 to 300 million litres in 2022, the amount of SAF being used remains minimal. So far, around 450,000 commercial flights have been made using aircraft powered by this type of fuel.

But there is a reason for optimism. Over 130 relevant renewable fuel projects have been announced by more than 85 producers across 30 countries. With an average 3 to 5-year lag between a project announcement and its commercialisation date, the trajectory to 100 billion litres (80 million tonnes) by 2030 is on track (considering renewable energy production reaches 69 billion litres by 2028 as estimated).

Strategic collaborations are proving instrumental in pushing the envelope for SAF. Notable partnerships include KLM and SkyNRG, which are developing Europe's first dedicated SAF production plant, and British Airways' collaboration with Velocys to construct a plant in the UK that converts household waste into jet fuel.

Source: WSP

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