The SAF Podcast

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.

In this episode, we dive deep into the financing challenges and solutions driving the sustainable aviation fuel (SAF) industry forward with Mahesh Roy, Programme Director, SAF at the Green Finance Institute. 

Mahesh shares his unique journey from accidental banking career in Australia to leading green finance initiatives across the UK and EU. He explains what makes SAF fundamentally different from renewable energy industries and why the financing requirements are so complex.

Key Topics Covered:

✈️ Sustainable Aviation Fuel Project Finance: Understanding venture-scale risk with infrastructure-sized capital requirements, the role of EPC wraps, warranties, and technology licensing challenges

💰 Revenue Certainty Mechanisms (RCM): Why the UK's guaranteed strike price model and EU's double-sided auctions are critical to bankability and market creation

🚀 SAF Accelerators: How project accelerators de-risk first-of-a-kind projects by quantifying residual risks across EPC, feedstock, and offtake categories

🏭 Project Delivery Risk: The need for innovative risk transfer mechanisms including public finance solutions, insurance products, and export credit agency involvement

⚡ Hydrogen and E-SAF Scalability: The importance of joined-up thinking on green electrons, hydrogen production, and feedstock availability

🌍 Policy & Capital Deployment: Why government commitment to mandates and revenue certainty mechanisms is driving institutional investment in SAF projects

Learn why the first wave of projects getting to final investment decision (FID) will be critical to unlocking billions in commercial and institutional capital, and discover which emerging SAF production pathways could transform aviation decarbonization.
If you enjoy the podcast you can also check out our weekly newsletter with in depth interviews with some more of the major players in scaling SAF. Similar to the podcast, but in written form! Sign up to receive it here: https://info.corporatejetinvestor.com/saf-investor-newsletter-sign-up

In this episode of The SAF Podcast, host Oscar sits down with Chris Chaput — a former Northwest Airlines executive, Morgan Stanley investment banker, and airline restructuring specialist — to unpack how DG Fuels is not just developing a SAF project, but a SAF platform.
We cover:
DG Fuels' gasification-to-Fischer-Tropsch technology and their patented 97–98% carbon conversion efficiency
How strategically building your partners (Johnson Matthey, Honeywell, NextChem) and EPC (Samsung & Black & Veatch) underwrites bankability and execution.
Why their Louisiana facility on the Mississippi River is strategically positioned for both US and European markets
Long-term offtake agreements already signed with Delta, Air France, and KLM — and why demand outpaces what one facility can produce
How ~25% of their output may qualify as eSAF under EU RefuelEU regulations, unlocking premium pricing
The IRA tax credit landscape (45V, 45Q, 45Y), RINs, LCFS, and how DG Fuels' revenue stack holds up under policy uncertainty
A $750M equity raise, FID targets for 2025, and what it means to build a SAF platform — not just a project
Why resilience has been their biggest challenge, and their greatest achievement
This is a fascinating discussion and highlights how both strategy and strong identity makes a strong prospect in SAF.

This week's episode of The SAF Podcast sees Clive Gibson and Connie Lo from FGE NexantECA join Oscar.
This episode is a must listen if you want a blueprint of how to develop a SAF project, what separates investable SAF projects from optimistic slide decks.
Hot off the back of FGE NexantECA's feasibility study with Fathopes Energy completing. Clive breaks down feasibility as a set of parallel workstreams—commercial, technical, ESG, and funding—designed to converge on a real FID, not just a “bankable” buzzword.
Connie also highlights technologies that she is excited about and why strategically locating projects that align technology and feedstock is so vital. 
We also discuss the benefits of vertically integrating facilities, the requirements of ecosystem alignment are important to acceleration, and the need to address fragmented registries for transparent emissions reporting. 
We end by finding out where the exciting regions are for Clive and Connie (spoiler alert - there are a lot of them!) and what makes them so exciting. 
If you enjoyed this you can hear more from FGE NexantECA as Clive will be speaking at SAF Investor London, running on the 24th-25th February. He will be joining our panel looking at balancing regional and global development. 
We will also be joined by Clive's Colleague Mais Haddadin who will be moderating a panel on Governments crowding in capital with speakers from Austrade, Green Finance Institute, UK Export Finance and UK National Wealth Fund. 
Both should be fantastic discussions so, if you enjoyed the podcast join us in London. To find out more click here: https://www.safinvestor.com/event/148588/saf-investor-london-2026-2/

This week Dana Shoukroun, Invest Through Flying is our guest on The SAF Podcast. 
The conversation is a wide ranging one covering the cost of compliance, why purchasing SAF now will pay dividends in the future and how growing SAF has to go beyond what is dictated by EU Mandates. We also find out which scientists need lab coats.
We move onto the potential of nuclear as an energy source for synthetic SAF production. Dana explains the exciting potential and we discuss the obvious challenges it faces in terms of regulation and public opinion. 
We finish this episode with some Any Other Business looking at what in the industry current is getting Dana's goat and what she is excited about. 
Hope you enjoy and if you want to hear more from Dana you can at SAF Investor London on the 24th-25th February, find out more here: https://www.safinvestor.com/event/148588/saf-investor-london-2026-2/