The SAF Podcast

This week Oscar is joined by Manshu Agarwal, CEO, HutanBio a UK based company aiming to commercialise the use of Algae as a feedstock for sustainable aviation fuel production. 
Manshu has watched the algae story play out once already. A chemical engineer by training, he cut his teeth at Sapphire Energy and then Synthetic Genomics — two ventures that between them raised hundreds of millions of dollars chasing algae biofuels, only to run into the same wall: the biology simply wasn't good enough to get costs down. Now at HutanBio, he's back for round two, armed with what he believes is the missing piece.
That piece is Spherica — an entirely new class of algae, discovered after HutanBio's founder spent a decade bioprospecting the oceans, screening a trillion organisms to find roughly 400 candidates and one genuine outlier. Spherica has a thick cell wall and packs around 300 thylakoid layers versus the 6-10 found in typical strains — translating into three times the oil productivity.
Agrawal walks through why that matters commercially: HutanBio is targeting under $1/litre at small scale and around 40 cents/litre (roughly $62/barrel) at full scale, using vertical, low-footprint photobioreactor systems developed first in Malaysia and now being scaled toward coastal deserts, starting with an MOU in Oman. 
He's candid about algae's credibility problem after two decades of hype and underdelivery — but argues the underlying case, heavy transport still has no cost-competitive liquid fuel alternative, hasn't gone away, and that Spherica is the platform that finally gives algae a real shot at cost parity.
Check out the full discussion on your usual podcasting platforms.

On this week's episode of The SAF Podcast, Ryan Jackson, CEO, Cielo Waste Solutions joins Oscar to discuss the company's project platform to constructing SAF projects. 
Jackson unpacks Cielo's flagship Nahoonai project, developed in partnership with the Lheidi T’enneh First Nation through Tano T’enneh Enterprises — a co-ownership structure he argues de-risks permitting and helps unlock financing through Crown corporations like the Canada Infrastructure Bank. 
Alongside the favorable terms this partnership opens up Jackson discusses the project's revenue model and why Canada is in his mind the best place to develop a project, thanks to the stackable federal and state level credits available. This means Cielo can plan to sell their SAF at parity with Jet A1 and then generate the majority of its revenue through these credits. 
We finish the episode by evaluating the realistic decarbonisation targets for aviation to achieve as well as the big challenges that the SAF industry is trying to solve.

This week Khaled, Ramon and Miguel of Hydrocarbon Engineering join Oscar on The SAF Podcast to tell the story behind their accidental discovery: a reactor built to  produce bio-oil that, instead, yielded a diesel-like hydrocarbon in a single step. 
Years of reverse engineering later, the Valencia-based team has turned that anomaly into a feedstock-agnostic, single-stage hydrothermal process for producing SAF, renewable diesel and other hydrocarbons — one that removes the need for a separate hydrogen source entirely. 
They discuss the ambiguity of self-assessed TRLs, early interest from British Airways/Iberia, a build-and-license commercialisation strategy, and their target of bringing SAF production costs down to around $1,500 per tonne, against today's $6,000–$9,000 range, as they push from TRL 6 towards a first commercial plant at a biomethane site.

For the third year running, Oscar sits down to unpack the 2026 SAF Market Outlook report once again with Mark Kelly (ICF) and this year with Iris Warnaar (SkyNRG).
The headline numbers: SAF demand is forecast to reach 12.8 million tonnes by 2030 (3.6% of jet fuel) and climb past 190 million tonnes by 2050, though US policy headwinds have pulled the near-term forecast down from last year's projections. On supply, 2030 capacity now stands at 18.5 million tonnes, creating a brief surplus before the market tightens again — and Asia has overtaken every other region to lead the global pipeline, largely to feed European demand.
The conversation digs into the HEFA feedstock constraint that still hasn't gone away, genuine, if modest, progress on eSAF and alcohol-to-jet and China's evolving role as both supplier and its own energy security case study. 
The episode closes with the third section of the report, a proper stress-test of the energy security argument that's dominated SAF conversations all year: real driver of investment, or narrative running ahead of the economics? Iris brings the optimism, Mark brings the risk register, and between them the picture that emerges is "positive but uneven" — with plenty left to sort out before the 2027 report rolls around.
If you have not already read the full report you can find it here: https://skynrg.com/2026-saf-market-outlook/

James Hygate, CEO and founder of Firefly, returns to The SAF Podcast for the first time since December 2023 — and a lot has happened. James brings his characteristic blend of technical depth, founder candour, and big-picture ambition to a brilliant wide ranging discussion.  
James opens with a comprehensive update on Firefly's progress: the selection of Turkish engineering firm Altaca as their HTL technology partner, the securing of a site at an existing refinery in Harwich for the downstream hydrotreating facility, and supply agreements with water companies including Severn Trent and Anglian Water that already cover more feedstock than the first facility needs. He also touches on the significance of the Boeing investment, the Builders Vision backing, and the ongoing Series B round that Firefly hopes to close shortly.
James also shares his observations from a recent visit to Shanghai on the pace of Chinese SAF and renewables infrastructure development, the implications of used cooking oil supply being internalised within China, and what lessons — if any — Western developers can draw from "China speed." We also explore the trajectory of the wider SAF industry, James's concerns about policy wobble and its chilling effect on infrastructure capital, and a frank view on whether some SAF projects are gaming mandates rather than genuinely pursuing decarbonisation.
Throughout, James returns to the thread that has defined his 20-year career in low carbon fuels: the only thing worth doing is something that can move the needle on climate change. For Firefly, that means wet-waste-to-jet at gigaton scale — and James believes the technology stack to do it is now in place.