Velocys has welcomed the government’s new Green Fuels, Green Skies competition as a “positive signal” for sustainable aviation fuel (SAF).
The completion is part of the Prime Minister’s Ten Point Plan that will support UK companies as they pioneer new technologies to convert household rubbish, waste wood and excess electricity into sustainable aviation fuel.
Offering emissions savings of more than 70% compared to conventional jet fuel, these projects will help put flying onto a more sustainable path while helping to create up to 11,500 jobs over the coming decades.
Companies will be able to bid for a share of £15 million (€17.5 million) to kick start the development of first-of-a-kind production plants in the UK to produce these fuels at scale.
Andrew Morris, CFO of Velocys, said: “The launch of the ‘Green Fuels, Green Skies’ competition is another positive signal that the Government wants to invest in the SAF industry in the UK. As Velocys continues to develop plans for the UK’s most advanced SAF facility, we welcome this move to accelerate projects like ours and to build the British SAF industry as part of a green recovery.
“Building such an industry also requires policy changes, notably the introduction of a robust revenue support mechanism for SAF production facilities. In the year we host COP26, such action and support will show the UK as a world leader and demonstrate how serious we are about Jet Zero.”
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