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Yesterday, the government tabled an amendment to the Energy Bill on SAF, which places a statutory duty to publish a consultation on the options for designing and implementing a revenue certainty scheme within 6 months of royal assent of the Energy Bill.
A revenue certainty mechanism is a policy, program, or system put in place to provide assurance and stability in terms of revenue or income for a particular industry. It is typically used to encourage investment, growth, and long-term planning in industries that may face financial volatility or uncertainty.
In an accompanying plan yesterday, the Department for Transport said it would launch a consultation on the plan by Q2 2024, ahead of delivery by 2026.
In partnership with British Airways, Velocys is developing its ‘Altato’ facility in Immingham, North East Lincolnshire, that could convert up to 500,000 tonnes of municipal solid waste into fuel for planes and cars each year (see letsrecycle.com story).
‘Positive’
Henrik Wareborn, chief executive of Velocys, said: “Yesterday’s announcement is very positive for the UK SAF industry and especially for the Altalto project.
“This commitment from the government is a major step towards unlocking the capital required to further fund SAF projects in the UK. As noted by the Department for Transport, this revenue certainty will provide SAF producers greater assurance over the earnings from the SAF produced in projects such as Altalto, enabling projects to attract the necessary finance.
“We look forward to engaging further with the DfT and seeing more detail on the mechanism and the timescale in order for the government target of five plants in construction by 2025 to be met.”
Velocys share price has risen by 6% today after the news.
Draft
It was at ITM but the support partly for energy development so relevant to VLS.
Thats ITM, nothing to do with VLS.
I'm surprised nobody has mentioned this on here yet and hopefully VLS can get a slice of the cake.
The Chancellor visited the ITM Power plant in Sheffield on Friday to announce a £4.5 Billion investment package for Manufacturing businesses. (Could have picked any plant) It was all over the BBC news and Newsnight on Friday evening and most press are now carrying the story
It includes near £1 Billion (£960 Million) for Green Energy manufacturers.
https://www.reuters.com/world/uk/uks-hunt-commits-45-billion-pounds-manufacturing-investment-2023-11-17/
https://www.linkedin.com/feed/update/urn:li:activity:7131636358187491328
https://x.com/jeremy_hunt/status/1725809279775506630?s=46&t=k9HTIc9DJ4B89UjXP3BkCw“
https://twitter.com/faisalislam/status/1725565560426000539?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
Massive potential.
https://theenergyst.com/fischer-and-chips-pure-fuel-firm-velocys-powers-worlds-first-commercial-flight-with-gasified-wood/
Global annual SAF demand set to increase from 4bn litres in 2025 to 166bn in 2050.
GLA.
Https://velocys.com/who-we-work-for/
Henrik Wareborn, Chief Executive Officer
"We have the here-and-now technology to enable SAF production close to sustainable feedstock sources to decarbonise the aviation industry at scale."
Velocys was featured in The Daily Telegraph in an article about the future of sustainable aviation fuel: “How the biggest ever jet engine built by Rolls-Royce is paving the way for an era of low-cost green flying”.
The article explored Rolls Royce’s new UltraFan engine and its potential to narrow the cost of sustainable aviation fuel. The article shows that SAF, which requires minimal modification to existing jet engines and significantly reduces lifecycle carbon emissions, is the best answer to long haul air travel.
Velocys CEO Henrik Wareborn is quoted at length, explaining that whilst that SAF is more expensive than fossil jet fuel today, higher tax on fossil fuels and low tax on green fuels will change this: “You need to ask yourself what price should those burning fossil fuels that release a huge amount of CO2 into the atmosphere pay?”
SAF is becoming increasingly attractive to the airline industry as favourable policy-making in the US (Inflation Reduction Act of 2022) and EU (new EU deal on carbon border tax) incentivises SAF over polluting fossil fuels.
I am not sure whether RR are working with VLS?
GLA
Interesting article enclosed on Rolls Royce and its new found ability to power aircraft with 100% sustainable fuels. Which set me thinking......who is supplying them with SAF
Rolls-Royce has taken a major green step, announcing that not only has its giant UltraFan demo jet engine been run at full power on 100% Sustainable Aviation Fuel (SAF), but tests have proven all its current civilian engines are compatible with 100% SAF.
With increasing pressure on the aerospace industry to produce technology that's both more efficient and environmentally friendly, it's significant when a major player like Rolls-Royce embraces something like SAF across an entire product range, including its show piece for this decade.
Billed as the largest and most powerful jet engine in the world, the UltraFan has a 140-in (356-cm) fan and can produce 64 MW of power. In static tests, it has generated a maximum thrust of over 85,000 lb and the technology can be scaled to as high as 110,000 lb for narrow-body or wide-body aircraft of the 2030s.
According to Rolls-Royce, some of the technologies developed for the UltraFan can be incorporated into the company's other current engines, but one thing they share in common is that they have all been certified as compatible with running solely on SAF. The latest to be certified is the BR710 business jet engine, which was tested at the company’s facility in Canada. Other engines include the Trent 700, Trent 800, Trent 900, Trent 1000, Trent XWB-84, Trent XWB-97, Trent 7000, BR725, Pearl 700, Pearl 15, and Pearl 10X.
A Virgin Atlantic Boeing 787 Dreamliner with Trent 1000 engines is scheduled to make the world's first transatlantic flight fueled entirely by SAF. Currently, international standards only allow a maximum of 50% SAF to be blended with 50% conventional jet fuel. It's hoped that such test flights and static demonstrations the technical hurdles have been overcome could change this.
"We estimate that to reach Net Zero flying by 2050, a combination of highly-efficient, latest-generation gas turbines such as UltraFan operating on 100% SAF are likely to contribute around 80% of the total solution, which is why today’s announcement is such an important milestone for Rolls-Royce and the wider industry," said Simon Burr, Group Director of Engineering, Technology and Safety, Rolls-Royce plc.
OK......so I asked Chat GPT where are Rolls Royce getting their 100% sustainable aviation fuel from ?
The answer came below :-
According to Velocys’ official website, they are a leading developer of sustainable aviation fuel (SAF) ) and have been working with Rolls-Royce to develop SAF for the aviation industry .
It needs to break above 0.76p/0.77p (trend lines) and we could be off to the races.. 0.83p and 0.93p (50 MA) the next key targets.
Looks like the sellers are taking over now.
Another 1.3m at 13.37 (split again).. Maybe the big size sellers are the ones who have disappeared, maybe fearing the rumours etc.. so this guy is having to be more patient and take smaller chunks.. fun and games #casino
Well I never did! It looks like the mystery man (or woman) isn't through buying yet!
Our first £10K / 1.3m chunk (split in to 3) went through just after 1pm at 0.756p..
There is a lot of penny selling too today I’ve noticed tiny tiny amounts
If there isn’t any more big buys there is a reason for the big buying happening
Tumbleweeds.... Maybe that last 6.7m was the last of his order, just got it done at whatever price (sweeping up to 0.9p in the process)... No big 1m+ chunks so far today, it might take some news now to shift it upwards if the big buyers have disappeared..
We need more £60k buys to move tis now; preferably during the day not after the bell.
GLA
I’m waiting for it to go up quickly
The buys that have happened don’t happen for no reason
We could be bull-flagging again, the upside target would be 1.30p
Let’s hopefully get above 1.10 today
Spread has tightened.
Should see those big buys going through again now.
I do have to agree it’s the strangest sp movement I have seen in a very long time
Something happening in the background
Most unusual SP and spread swings I’ve ever seen - whatever’s moving this stock isn’t the printed trades, has to be massive background trading - which over the last few days are evidently buys