Up to 拢2.4 million has been secured from the government to fund progress on the green jet fuel refinery being developed on the South Humber Bank.
Velocys Plc has been successful in the Green Fuels, Green Skies competition run by the Department for Transport, with 拢1.2 million received and the same again pledged subject to policy development progress for sustainable aviation in Westminster.
Altalto, a 拢350 million development across Port of Immingham from a significant share of the 海角视频鈥檚 oil refining capability, will convert hundreds of thousands of tonnes of residual waste.
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It follows an earlier grant of 拢934,000 from the Future Fuels for Flight and Freight competition, this round鈥檚 predecessor.
Henrik Wareborn, Velocys chief executive, said: 鈥淲e are very pleased to have this enhanced level of support from the Department for Transport for the Altalto project. The momentum for sustainable aviation fuel (SAF) in the 海角视频 and around the world is growing, demonstrated here by the recent consultations on the path to net zero aviation and on a SAF mandate.
鈥淭his grant demonstrates that the Altalto project is a key part of the strategy to accelerate a SAF industry in the 海角视频.鈥
A collaboration with British Airways, the plant proposed for an industrial development zone at Stallingborough was granted planning consent in spring 2000.
It is described as being ready to proceed to the final stages of engineering prior to construction, subject to the policy progress as highlighted in the award, and to third party project funding.
Sean Doyle, British Airways chairman and chief executive, said: 鈥淲e鈥檙e delighted that this project has received support from the Government鈥檚 Green Fuels, Green Skies competition, which is critical in helping us to drive forward the development of sustainable aviation fuel in the 海角视频. Plants like this one would be a game-changer for our industry, not only delivering sustainable aviation fuel, but also creating hundreds of highly skilled jobs while increasing economic growth around the 海角视频.
鈥淥ur parent company, IAG, was the first European airline group to commit to powering 10 per cent of its flights with sustainable aviation fuel by 2030 鈥 purchasing one million tonnes of SAF each year, equivalent to taking a million cars off Europe鈥檚 roads every year. Projects like this one are part of our journey to that SAF target and we look forward to pushing it forward.鈥
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It comes as a Velocys partner in Japan, Toyo Engineering Corporation, starts the advanced engineering and design phase of a commercial scale biofuel refinery.
It will integrate Velocys鈥 Fischer Tropsch technology and other process technologies to efficiently convert woody biomass into SAF, following a successful first commercial flight.
Alongside Altalto, Oxford-headquartered Velocys is also developing the Bayou Fuels project in Natchez, Mississippi, USA.
The past month has seen the share price increase 18 per cent, with an early nine per cent lift on today's announcement.
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