Altalto Immingham scores $33M grant from DfT for SAF project

In the UK, Velocys plc announced that its wholly owned subsidiary, Altalto Immingham Ltd., has been awarded a grant of up to £27 million from the UK Department for Transport’s Advanced Fuels Fund for the Altalto Immingham Sustainable Aviation Fuel project. The purpose of this project, which is being developed under an existing Joint Development Agreement between Velocys and British Airways PLC is to deliver a commercial waste-to-SAF plant in Immingham, UK. The grant will allow Altalto Immingham to deliver the Front-End Engineering Design stage of the project.

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. Altalto Immingham has obtained Letters of Intent from a number of existing and new potential partners for the private-sector matched funding requirement with the first tranche of private funding due to be in place by April 2023.

Velocys’ cash contribution into the Altalto Immingham project over the two years from April 2023 is not expected to exceed £8 million, and this sum may be reduced by bringing in additional investors into the project.