Willis Sustainable Fuels (UK) Limited, Awarded £4.721M Grant in UK’s Advanced Fuels Fund (AFF) Competition
16 Novembro 2023 - 9:01PM
Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC”), a leading
lessor of commercial aircraft engines and global provider of
aviation services, today announces that its subsidiary, Willis
Sustainable Fuels (UK) Limited, was awarded a £4.721M grant from
the UK Department for Transport’s Advanced Fuels Fund (AFF)
competition in support of its planned Carbonshift PtL SAF refinery
project at Teesworks in Tees Valley, England.
Funds from the AFF grant will be utilized to
support detailed design engineering activities for the plant, which
is being developed to have an annual production capacity of
fourteen kilotons (approximately five million gallons) per year of
PtL SAF when it is expected to enter operations in 2026.
The Department for Transport (DfT) competition
supports the UK advanced fuels sector through grant funding to
first-of-a-kind commercial and demonstration-scale projects in the
UK at all development stages up to the start of construction. The
DfT’s funding aims at enabling the commercial deployment of
innovative fuel production technologies capable of significantly
reducing greenhouse gas emissions from the UK aviation industry,
strengthening the UK project pipeline, and broadening technology
options.
“The aviation industry is at a critical
juncture, with a pressing need to transition towards more
environmentally friendly energy sources. SAF represents one of the
most promising pathways to achieving sizeable reductions in carbon
emissions,” said Austin C. Willis, CEO of WLFC. “We genuinely
appreciate the UK government’s commitment to develop a robust UK
SAF industry. We are honored that WLFC’s pioneering Carbonshift PtL
SAF project has been selected by the Department for Transport,
reinforcing our potential to play a pivotal role in supporting the
UK's ambitious goal of supplying 10 percent SAF by 2030.”
With the award of this grant Willis Sustainable
Fuels (UK) Limited is being recognized for its planned development
of an innovative, new refinery, the first of its kind in the
region, focused on developing and producing PtL SAF. Carbonshift
PtL SAF is WLFC’s proprietary process created to harness and
convert feedstocks sourced from waste carbon dioxide and green
hydrogen into aviation turbine fuel.
WLFC’s Carbonshift PtL process is designed to
produce “drop-in” sustainable aviation fuel utilizing advanced
technology for PtL SAF, making it available for immediate use once
blended with jet fuel. WLFC’s focus on SAF is one element of the
company’s broader goal to contribute to the decarbonization of
aviation.
WLFC’s PtL SAF project supports the UK
government’s goal of having at least five commercial-scale SAF
plants under construction by 2025 and directly supports the global
aviation industry’s ambitious goal of net-zero emissions by
2050.
“We are strongly committed to meeting the
growing demand for sustainable aviation solutions while fostering
local partnerships and propelling a collective effort towards a
more sustainable future for aviation on a global scale,” said CEO
Willis.
For more information, please visit
www.willissustainablefuels.com.
Willis Lease Finance Corporation
Willis Lease Finance Corporation (“WLFC”) leases
large and regional spare commercial aircraft engines, auxiliary
power units and aircraft to airlines, aircraft engine manufacturers
and maintenance, repair, and overhaul providers worldwide. These
leasing activities are integrated with engine and aircraft trading,
engine lease pools and asset management services through Willis
Asset Management Limited, as well as various end-of-life solutions
for engines and aviation materials provided through Willis
Aeronautical Services, Inc. Additionally, through Willis Engine
Repair Center®, Jet Centre by Willis, and Willis Aviation Services
Limited, the company’s service offerings include Part 145 engine
maintenance, aircraft line and base maintenance, aircraft
disassembly, parking and storage, airport FBO and ground and cargo
handling services.
Except for historical information, the matters
discussed in this press release contain forward-looking statements
that involve risks and uncertainties. Do not unduly rely on
forward-looking statements, which give only expectations about the
future and are not guarantees. Forward-looking statements speak
only as of the date they are made, and we undertake no obligation
to update them. Our actual results may differ materially from the
results discussed in forward-looking statements. Factors that might
cause such a difference include, but are not limited to: the
effects on the airline industry and the global economy of events
such as war, terrorist activity and the COVID-19 pandemic; changes
in oil prices, rising inflation and other disruptions to world
markets; trends in the airline industry and our ability to
capitalize on those trends, including growth rates of markets and
other economic factors; risks associated with owning and leasing
jet engines and aircraft; our ability to successfully negotiate
equipment purchases, sales and leases, to collect outstanding
amounts due and to control costs and expenses; changes in interest
rates and availability of capital, both to us and our customers;
our ability to continue to meet changing customer demands;
regulatory changes affecting airline operations, aircraft
maintenance, accounting standards and taxes; the market value of
engines and other assets in our portfolio; and risks detailed in
the company’s Annual Report on Form 10-K and other continuing
reports filed with the Securities and Exchange Commission.
CONTACT: |
Lynn Mailliard Kohler |
|
Manager Corporate
Communications |
|
lkohler@willislease.com |
|
415.328.4798 |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0b18cd9-363d-4ac9-9269-d047e40cdd2c
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