The SAF Podcast

In this episode of The SAF Podcast, Oscar is joined by Patrick Sieb, Managing Partner at Climate Tech Partners, for a conversation on what it really takes to finance and scale sustainable aviation fuel. From Series A climate tech investing to corporate-startup partnerships and the infrastructure challenges behind SAF production, Patrick shares a practical investor’s view on how promising technologies can move from early traction to commercial deployment.
Climate Tech Partners investment model is based on deep due diligence, originating from his time a Macquarie, with focus in Transport, Energy and Mining sectors. 
We dive into a variety of topics including:
How Climate Tech Partners approaches Series A climate tech investing and why that stage can be critical for SAF and other capital-intensive technologies
Why bridging the “valley of death” remains one of the biggest challenges for deep tech and aviation decarbonisation startups
How corporate relationships can help de-risk investments, including Climate Tech Partners’ work with Qantas and Airbus
The practicalities of running a VC fund, raising capital from LPs and portfolio diversification
What the dedicated sidecar investment vehicle means for aviation-focused climate technologies and SAF-related opportunities
Why SAF scale-up depends on much more than strong technology, including the role of feedstock, infrastructure, energy and financing
What investors are really looking for when assessing techno-economics, commercial traction and science risk
Why climate tech is shifting from “moonshot” narratives to more pragmatic pathways focused on cost parity and bankability
How Australia and the wider APAC region could fit into the future of sustainable aviation fuel production and aviation decarbonisation
Also another reminder that we are still accepting applications for the SAF Investor Deal of the Year awards. If you worked on a deal we would love for you to submit it via the following link: https://docs.google.com/forms/d/e/1FAIpQLScwrzV8VN8oqA6c-e0GMlgZmttTQ-U-1D9XxnOgeeQV-ITeiQ/viewform?usp=header

In this episode of The SAF Podcast, Oscar is joined by Nico Nicholas, Co-Founder and CEO of Zeero Group, for a discussion on the commercial and strategic realities of scaling the Hydrothermal Liquefaction SAF pathway. The conversation goes beyond the technical basics to look at how waste-to-fuel projects are financed, how they can be tailored to local infrastructure needs, and why collaboration across sectors may be essential if SAF is to scale at pace.
We dive into a variety of topics including:
How ZEERO Group is approaching project development, with each facility structured around local waste streams, local infrastructure and location-specific business models
Why combining waste management and fuel production could create a stronger commercial case for SAF-linked projects
The financing logic behind these developments, including co-investment models, strategic partners and government-backed support mechanisms
Why investor confidence and proof of delivery remain critical for emerging pathways looking to move from concept to commercial scale
The role of certification timelines and regulatory processes in shaping how quickly new SAF pathways can enter the market
Why scaling SAF may require much deeper collaboration between aviation, municipalities, tourism, shipping and energy stakeholders
This discussion picks up on some key themes from across the SAF industry so is well worth a listen if you are part of the growing ecosystem that is going o make commercial SAF production a global success. We also almost manage to go the whole episode without a crude joke/pun...almost!
We are also currently accepting applications for the SAF Investor Deal of the Year awards. If you have been involved in a financing deal in the last year, we would love to hear about it. You can find the application form here: https://docs.google.com/forms/d/e/1FAIpQLScwrzV8VN8oqA6c-e0GMlgZmttTQ-U-1D9XxnOgeeQV-ITeiQ/viewform

In this episode of The SAF Podcast, host Oscar is joined by Maria Whittaker, Corporate Responsibility Officer at Abra Group — the airline group behind Avianca and GOL, serving nearly 70 million passengers across Latin America.
Maria unpacks the unique challenges and opportunities of scaling sustainable aviation fuel in a region where aviation provides essential connectivity, fuel costs represent up to 40% of operational expenses, and SAF production is still in its earliest stages.
We cover:
🌎 Why Latin America is at a different stage of SAF development than Europe or the US
📋 Brazil's incoming SAF mandate (starting at 1% in 2027, rising to 10% by 2037) 
🤝 Abra's groundbreaking Article 6 collaboration with Sumitomo Corporation to create a book-and-claim SAF export mechanism between Brazil and Japan
💰 The capital and off-take challenges facing SAF producers in the region 
✈️ How Avianca was ranked #1 globally for reducing emissions intensity while growing 
🔮 Maria's vision for the Latin American SAF market by 2030
Whether you're an investor, policymaker, airline professional or SAF producer, this episode offers a compelling window into one of the most dynamic and underexplored SAF markets in the world.
🎧 Subscribe on Apple Podcasts and Spotify, or wherever you get your podcasts, so you never miss an episode.

Kenneth Hill, BioCarbon Strategies joins us for this episode of The SAF Podcast as we knee deep in the alphabet soup of North American tax policy. 
Ken brings unique insight as a former U.S. Department of Energy financing official who worked on projects like Montana Renewables and Gevo, combined with current experience vetting SAF projects and advising investors on bankability across the US, Canada, and emerging markets.
Key Topics Covered:
🇺🇸 US SAF Market Grade: From B+ (one year ago) to C+/B- today—a setback driven by policy uncertainty, funding challenges, and administration headwinds. Ken explains why the trajectory is shifting back toward optimism in 2026.
📋 The SAF Act (Securing America's Fuel Bill): A bipartisan proposal restoring the $1.75/gallon bonus credit, extending availability retroactively, and creating crucial market certainty. Why passage by November 2024 matters for stability and investment confidence.
🌾 Farm Bill SAF Support: How the 5-year agriculture bill (currently 3 years overdue) addresses feedstock supply chain enablement and USDA loan guarantees up to $250 million. The critical difference between supply-side support and direct financing.
💰 45-Z Clean Fuel Production Tax Credit: The shift from blender's credits to production credits—and why guidance from the U.S. Treasury expected by summer 2026 is critical to project financing.
🏛️ Investment Tax Credits vs. Production Tax Credits: Ken explains the investor preference for investment credits ($600M upfront on a $2B project) over production credits (ongoing incentives that risk expiration). Why the structure matters enormously for capital deployment.
🇨🇦 CANADIAN POLICY DEEP DIVE: The Biofuels Production Incentive as a bridge to help producers survive the shift from the US blenders credit to production credit. The $15 billion CAD Canada Growth Fund for green projects. Also, Ken explains the expected amendments for the Clean Fuel Regulations (CFR).
🔑 Permitting as the Bottleneck: The often-overlooked critical issue in both US and Canadian project development. Why streamlined permitting is essential for scaling—and how power generation permit timelines (6 years) exceed solar build times (24 months).
💼 Bankability Requirements in 2026: Why projects today need multiple stacks working simultaneously—price stack (credits + subsidies), offtake stack (airlines + carbon buyers), and feedstock stack.
🌍 Global Demand & Carbon Markets: Why voluntary corporate buyers are as critical as policy mandates. The mix needed: government incentives, mandates, voluntary carbon markets, and offtake diversity to derisk projects.
🚀 North American Momentum: Why 2026 is the pivotal year—with clarity on SAF Act, Farm Bill, 45-Z guidance, and Canadian CFR amendments all expected. The potential bounce-back from 2025's lull to accelerated deployment post-2027.

This episode of The SAF Podcast sees Jan Toschka, CEO at Zaffra, join Oscar for a wide ranging discussion on the potential of eSAF and the Power-to-Liquid pathway.

Jan brings 27 years of energy sector experience—including leading Shell Aviation as its president—to his role building Zaffra, a 50/50 joint venture between Sasol and Tops. Together, they're leveraging their technology expertise and project development experience to commercialize eSAF.

Key Topics Covered:

🇩🇪 The Concrete Chemicals Flagship Project: A 40,000-ton e-SAF facility in Brandenburg, Germany, powered by local renewable wind energy and green hydrogen. Why this project captures the entire German 2030 mandate potential and how €350 million in state funding was negotiated to bridge the cost competitiveness gap.

🌍 Global Site Selection & Project Development: From Spain (with partner Moeve) to the Nordics (abundant renewable electricity) to China (cost-competitive locations), Zaffra's portfolio-based approach to scaling SAF production. Why bespoke project solutions are evolving toward scalable, duplicable models.

⚡ Feedstock Security & Hydrogen Infrastructure: How Zaffra secures green hydrogen through local wind farms, electrolyser projects, and emerging hydrogen pipeline networks—critical to both project financing and operational resilience.

🤝 The Power of Shareholder Credibility: Why Sasol and Topsoe's proven track record—with Fischer-Tropsch technology deployed in 4 out of 10 SAF plants globally—accelerates project development, partner engagement, and capital raising.

💰 Financing the First-of-a-Kind Projects: The critical challenge of proving bankability for novel eSAF projects and how technology credibility, project delivery experience, and operational expertise unlock institutional and commercial capital.

🏛️ The Sustainable Transport Investment Plan (STIP) & Double-Sided Auctions: How Europe's latest policy framework is reshaping market dynamics. Jan explains the mechanics of double-sided auctions: a state-funded midstream entity bridges the gap between producers needing 10-year security and offtakers wanting flexibility as costs decline.

📈 Cost Curves & Learning Economics: Drawing parallels to solar's 15x cost reduction in 25 years, Jan argues e-SAF costs will follow predictable learning curves once the industry gains scale and momentum—but only if players commit to entering the market now.

✈️ Leveling the Playing Field: The crucial policy conversation around European airline competitiveness, international jurisdiction alignment, and how SAF costs—estimated at €5-7 per intra-European ticket by 2035—are trivial compared to other travel expenses.

This is a fantastic listen to really understand the practical challenges of developing eSAF production and how an ecosystem focused approach is crucial to pushing projects through to FID and commercial production.
Huge thank you to Jan for being so generous with his time and bringing such clarity to this discussion.