A final investment decision on whether the plant can go ahead is due to be made in 2025
as part of wider attempts by the airline industry to move away from the use of fossil fuels to power planes.
The grant funding will be distributed over the grant period from December 2022 to March 2025 and is conditional upon receipt of private sector matched funding.The first tranche of private sector funding is expected to be in place by April 2023, with the company’s own contribution into the project over the two years from then not expected to exceed £8m.AdvertisementVelocys has previously received grants for the Altalto Immingham project of £1.
The Government is seeking to have at least five commercial scale SAF plants under construction in the UK by 2025.
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