In this episode of The SAF Podcast, Oscar is joined by Nico Nicholas, Co-Founder and CEO of Zeero Group, for a discussion on the commercial and strategic realities of scaling the Hydrothermal Liquefaction SAF pathway. The conversation goes beyond the technical basics to look at how waste-to-fuel projects are financed, how they can be tailored to local infrastructure needs, and why collaboration across sectors may be essential if SAF is to scale at pace.

We dive into a variety of topics including:

• How ZEERO Group is approaching project development, with each facility structured around local waste streams, local infrastructure and location-specific business models
• Why combining waste management and fuel production could create a stronger commercial case for SAF-linked projects
• The financing logic behind these developments, including co-investment models, strategic partners and government-backed support mechanisms
• Why investor confidence and proof of delivery remain critical for emerging pathways looking to move from concept to commercial scale
• The role of certification timelines and regulatory processes in shaping how quickly new SAF pathways can enter the market
• Why scaling SAF may require much deeper collaboration between aviation, municipalities, tourism, shipping and energy stakeholders

This discussion picks up on some key themes from across the SAF industry so is well worth a listen if you are part of the growing ecosystem that is going o make commercial SAF production a global success. We also almost manage to go the whole episode without a crude joke/pun...almost!

We are also currently accepting applications for the SAF Investor Deal of the Year awards. If you have been involved in a financing deal in the last year, we would love to hear about it. You can find the application form here: https://docs.google.com/forms/d/e/1FAIpQLScwrzV8VN8oqA6c-e0GMlgZmttTQ-U-1D9XxnOgeeQV-ITeiQ/viewform

In this episode of The SAF Podcast, host Oscar is joined by Maria Whittaker, Corporate Responsibility Officer at Abra Group — the airline group behind Avianca and GOL, serving nearly 70 million passengers across Latin America.

Maria unpacks the unique challenges and opportunities of scaling sustainable aviation fuel in a region where aviation provides essential connectivity, fuel costs represent up to 40% of operational expenses, and SAF production is still in its earliest stages.

We cover:

🌎 Why Latin America is at a different stage of SAF development than Europe or the US

📋 Brazil's incoming SAF mandate (starting at 1% in 2027, rising to 10% by 2037) 

🤝 Abra's groundbreaking Article 6 collaboration with Sumitomo Corporation to create a book-and-claim SAF export mechanism between Brazil and Japan

💰 The capital and off-take challenges facing SAF producers in the region 

✈️ How Avianca was ranked #1 globally for reducing emissions intensity while growing 

🔮 Maria's vision for the Latin American SAF market by 2030

Whether you're an investor, policymaker, airline professional or SAF producer, this episode offers a compelling window into one of the most dynamic and underexplored SAF markets in the world.

🎧 Subscribe on Apple Podcasts and Spotify, or wherever you get your podcasts, so you never miss an episode.

Kenneth Hill, BioCarbon Strategies joins us for this episode of The SAF Podcast as we knee deep in the alphabet soup of North American tax policy. 

Ken brings unique insight as a former U.S. Department of Energy financing official who worked on projects like Montana Renewables and Gevo, combined with current experience vetting SAF projects and advising investors on bankability across the US, Canada, and emerging markets.

Key Topics Covered:

🇺🇸 US SAF Market Grade: From B+ (one year ago) to C+/B- today—a setback driven by policy uncertainty, funding challenges, and administration headwinds. Ken explains why the trajectory is shifting back toward optimism in 2026.

📋 The SAF Act (Securing America's Fuel Bill): A bipartisan proposal restoring the $1.75/gallon bonus credit, extending availability retroactively, and creating crucial market certainty. Why passage by November 2024 matters for stability and investment confidence.

🌾 Farm Bill SAF Support: How the 5-year agriculture bill (currently 3 years overdue) addresses feedstock supply chain enablement and USDA loan guarantees up to $250 million. The critical difference between supply-side support and direct financing.

💰 45-Z Clean Fuel Production Tax Credit: The shift from blender's credits to production credits—and why guidance from the U.S. Treasury expected by summer 2026 is critical to project financing.

🏛️ Investment Tax Credits vs. Production Tax Credits: Ken explains the investor preference for investment credits ($600M upfront on a $2B project) over production credits (ongoing incentives that risk expiration). Why the structure matters enormously for capital deployment.

🇨🇦 CANADIAN POLICY DEEP DIVE: The Biofuels Production Incentive as a bridge to help producers survive the shift from the US blenders credit to production credit. The $15 billion CAD Canada Growth Fund for green projects. Also, Ken explains the expected amendments for the Clean Fuel Regulations (CFR).

🔑 Permitting as the Bottleneck: The often-overlooked critical issue in both US and Canadian project development. Why streamlined permitting is essential for scaling—and how power generation permit timelines (6 years) exceed solar build times (24 months).

💼 Bankability Requirements in 2026: Why projects today need multiple stacks working simultaneously—price stack (credits + subsidies), offtake stack (airlines + carbon buyers), and feedstock stack.

🌍 Global Demand & Carbon Markets: Why voluntary corporate buyers are as critical as policy mandates. The mix needed: government incentives, mandates, voluntary carbon markets, and offtake diversity to derisk projects.

🚀 North American Momentum: Why 2026 is the pivotal year—with clarity on SAF Act, Farm Bill, 45-Z guidance, and Canadian CFR amendments all expected. The potential bounce-back from 2025's lull to accelerated deployment post-2027.

This episode of The SAF Podcast sees Jan Toschka, CEO at Zaffra, join Oscar for a wide ranging discussion on the potential of eSAF and the Power-to-Liquid pathway.

Jan brings 27 years of energy sector experience—including leading Shell Aviation as its president—to his role building Zaffra, a 50/50 joint venture between Sasol and Tops. Together, they're leveraging their technology expertise and project development experience to commercialize eSAF.

Key Topics Covered:

🇩🇪 The Concrete Chemicals Flagship Project: A 40,000-ton e-SAF facility in Brandenburg, Germany, powered by local renewable wind energy and green hydrogen. Why this project captures the entire German 2030 mandate potential and how €350 million in state funding was negotiated to bridge the cost competitiveness gap.

🌍 Global Site Selection & Project Development: From Spain (with partner Moeve) to the Nordics (abundant renewable electricity) to China (cost-competitive locations), Zaffra's portfolio-based approach to scaling SAF production. Why bespoke project solutions are evolving toward scalable, duplicable models.

⚡ Feedstock Security & Hydrogen Infrastructure: How Zaffra secures green hydrogen through local wind farms, electrolyser projects, and emerging hydrogen pipeline networks—critical to both project financing and operational resilience.

🤝 The Power of Shareholder Credibility: Why Sasol and Topsoe's proven track record—with Fischer-Tropsch technology deployed in 4 out of 10 SAF plants globally—accelerates project development, partner engagement, and capital raising.

💰 Financing the First-of-a-Kind Projects: The critical challenge of proving bankability for novel eSAF projects and how technology credibility, project delivery experience, and operational expertise unlock institutional and commercial capital.

🏛️ The Sustainable Transport Investment Plan (STIP) & Double-Sided Auctions: How Europe's latest policy framework is reshaping market dynamics. Jan explains the mechanics of double-sided auctions: a state-funded midstream entity bridges the gap between producers needing 10-year security and offtakers wanting flexibility as costs decline.

📈 Cost Curves & Learning Economics: Drawing parallels to solar's 15x cost reduction in 25 years, Jan argues e-SAF costs will follow predictable learning curves once the industry gains scale and momentum—but only if players commit to entering the market now.

✈️ Leveling the Playing Field: The crucial policy conversation around European airline competitiveness, international jurisdiction alignment, and how SAF costs—estimated at €5-7 per intra-European ticket by 2035—are trivial compared to other travel expenses.

This is a fantastic listen to really understand the practical challenges of developing eSAF production and how an ecosystem focused approach is crucial to pushing projects through to FID and commercial production.

Huge thank you to Jan for being so generous with his time and bringing such clarity to this discussion. 

In this episode, we dive deep into the financing challenges and solutions driving the sustainable aviation fuel (SAF) industry forward with Mahesh Roy, Programme Director, SAF at the Green Finance Institute. 

Mahesh shares his unique journey from accidental banking career in Australia to leading green finance initiatives across the UK and EU. He explains what makes SAF fundamentally different from renewable energy industries and why the financing requirements are so complex.

Key Topics Covered:

✈️ Sustainable Aviation Fuel Project Finance: Understanding venture-scale risk with infrastructure-sized capital requirements, the role of EPC wraps, warranties, and technology licensing challenges

💰 Revenue Certainty Mechanisms (RCM): Why the UK's guaranteed strike price model and EU's double-sided auctions are critical to bankability and market creation

🚀 SAF Accelerators: How project accelerators de-risk first-of-a-kind projects by quantifying residual risks across EPC, feedstock, and offtake categories

🏭 Project Delivery Risk: The need for innovative risk transfer mechanisms including public finance solutions, insurance products, and export credit agency involvement

⚡ Hydrogen and E-SAF Scalability: The importance of joined-up thinking on green electrons, hydrogen production, and feedstock availability

🌍 Policy & Capital Deployment: Why government commitment to mandates and revenue certainty mechanisms is driving institutional investment in SAF projects

Learn why the first wave of projects getting to final investment decision (FID) will be critical to unlocking billions in commercial and institutional capital, and discover which emerging SAF production pathways could transform aviation decarbonization.

If you enjoy the podcast you can also check out our weekly newsletter with in depth interviews with some more of the major players in scaling SAF. Similar to the podcast, but in written form! Sign up to receive it here: https://info.corporatejetinvestor.com/saf-investor-newsletter-sign-up

In this episode of The SAF Podcast, host Oscar sits down with Chris Chaput — a former Northwest Airlines executive, Morgan Stanley investment banker, and airline restructuring specialist — to unpack how DG Fuels is not just developing a SAF project, but a SAF platform.

We cover:

• DG Fuels' gasification-to-Fischer-Tropsch technology and their patented 97–98% carbon conversion efficiency
• How strategically building your partners (Johnson Matthey, Honeywell, NextChem) and EPC (Samsung & Black & Veatch) underwrites bankability and execution.
• Why their Louisiana facility on the Mississippi River is strategically positioned for both US and European markets
• Long-term offtake agreements already signed with Delta, Air France, and KLM — and why demand outpaces what one facility can produce
• How ~25% of their output may qualify as eSAF under EU RefuelEU regulations, unlocking premium pricing
• The IRA tax credit landscape (45V, 45Q, 45Y), RINs, LCFS, and how DG Fuels' revenue stack holds up under policy uncertainty
• A $750M equity raise, FID targets for 2025, and what it means to build a SAF platform — not just a project
• Why resilience has been their biggest challenge, and their greatest achievement

This is a fascinating discussion and highlights how both strategy and strong identity makes a strong prospect in SAF.

This week's episode of The SAF Podcast sees Clive Gibson and Connie Lo from FGE NexantECA join Oscar.

This episode is a must listen if you want a blueprint of how to develop a SAF project, what separates investable SAF projects from optimistic slide decks.

Hot off the back of FGE NexantECA's feasibility study with Fathopes Energy completing. Clive breaks down feasibility as a set of parallel workstreams—commercial, technical, ESG, and funding—designed to converge on a real FID, not just a “bankable” buzzword.

Connie also highlights technologies that she is excited about and why strategically locating projects that align technology and feedstock is so vital. 

We also discuss the benefits of vertically integrating facilities, the requirements of ecosystem alignment are important to acceleration, and the need to address fragmented registries for transparent emissions reporting. 

We end by finding out where the exciting regions are for Clive and Connie (spoiler alert - there are a lot of them!) and what makes them so exciting. 

If you enjoyed this you can hear more from FGE NexantECA as Clive will be speaking at SAF Investor London, running on the 24th-25th February. He will be joining our panel looking at balancing regional and global development. 

We will also be joined by Clive's Colleague Mais Haddadin who will be moderating a panel on Governments crowding in capital with speakers from Austrade, Green Finance Institute, UK Export Finance and UK National Wealth Fund. 

Both should be fantastic discussions so, if you enjoyed the podcast join us in London. To find out more click here: https://www.safinvestor.com/event/148588/saf-investor-london-2026-2/

This week Dana Shoukroun, Invest Through Flying is our guest on The SAF Podcast. 

The conversation is a wide ranging one covering the cost of compliance, why purchasing SAF now will pay dividends in the future and how growing SAF has to go beyond what is dictated by EU Mandates. We also find out which scientists need lab coats.

We move onto the potential of nuclear as an energy source for synthetic SAF production. Dana explains the exciting potential and we discuss the obvious challenges it faces in terms of regulation and public opinion. 

We finish this episode with some Any Other Business looking at what in the industry current is getting Dana's goat and what she is excited about. 

Hope you enjoy and if you want to hear more from Dana you can at SAF Investor London on the 24th-25th February, find out more here: https://www.safinvestor.com/event/148588/saf-investor-london-2026-2/

This week Natasha Mann, Future Energy Global (FEG) comes back on the Podcast to discuss her busy last few years, we wrap up SAF in 2025 and look forward to what to expect from 2026. 

We begin by looking at all the deals FEG have signed over the last two since since its founding in 2024. Offtakes with corporates and airlines, the importance of voluntary scope 3 customers to industry scale, how aggregating demand is a crucial component of scaling SAF production and availability globally, and how this can only grow if the supply chain for the scope 1 emissions is also in place. 

Natasha gives her rating out of 10 for the SAF industry in 2025, shares some of her highlights from the year and the headwinds that the industry had to work against, especially in the US. We also attempt to pin her down on her favourite region in 2025. Have to listen to find out what she chose. 

We end the episode with a look at 2026, what we can expect from FEG in 2026 and her expectations for global industry development in the year ahead. Natasha also gives us her New Year's resolutions for 2026.  

You can catch more of Future Energy Global at SAF Investor London on the 24th-25th February, so if you are a producer, airline, corporate customer is a great place to connect with their team. Find out more here: https://www.safinvestor.com/event/148588/saf-investor-london-2026-2/

In this episode of The SAF Podcast, Oscar is joined by Mike Fulton, Project Aircraft Engineer at FedEx and widely known as “The SAF Guy,” for a deep-dive conversation on how one of the world’s largest cargo airlines is approaching sustainable aviation fuel at scale.

With more than 700 aircraft, making it the world's largest dedicated cargo fleet. Operations in over 220 countries, and aviation responsible for around 80% of its carbon footprint, FedEx sits at the sharp end of aviation decarbonisation. Mike explains how SAF fits into FedEx’s broader goal of achieving carbon-neutral operations by 2040, alongside fleet modernisation, operational efficiency and the use of durable carbon solutions.

The discussion explores FedEx’s recent SAF offtake agreements in the United States, including partnerships at Los Angeles, Chicago O’Hare and Miami, and why higher SAF blending percentages deliver both greater carbon reductions and more favourable economics. Mike also offers rare insight into the realities of SAF pricing, fuel cost sensitivity, and why long-term offtake agreements alone have not been enough to unlock widespread project finance.

Listeners will gain a candid perspective on why brownfield conversions are currently outperforming greenfield SAF projects, how supply-chain risk is managed, and the growing importance of carbon “insets” and environmental attributes for corporate customers.