Willis Sustainable Fuels (UK) Limited, Awarded £4.721M Grant in UK’s Advanced Fuels Fund (AFF) Competition

Funding to Support Planned Development of New Power-to-Liquid (PtL) Sustainable Aviation Fuel (SAF) Refinery at Teesworks in Northeastern England

COCONUT CREEK, Fla., Nov. 16, 2023 (GLOBE NEWSWIRE) -- 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.