Business
Willis Lease Finance Corporation Undertakes New, Innovative “Power-to-Liquid” (PtL) Sustainable Aviation Fuel (SAF) Project
Advancing Plans Toward First PtL Refinery in Northeastern England COCONUT CREEK, Fla., July 17, 2023 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation
About this update from Willis Lease Finance Corporation
[{"type":"text","content":"Advancing Plans Toward First PtL Refinery in Northeastern England\nCOCONUT CREEK, Fla., July 17, 2023 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC”), a leading lessor of commercial aircraft engines and provider of global aviation service operations for more than 45 years, today announced an innovative project to develop and produce Power-to-Liquid (“PtL”) Sustainable Aviation Fuel (“SAF”). Most notably, the company and its subsidiary, Willis Sustainable Fuels (UK) Limited, along with financial and strategic partners, are advancing plans toward a new SAF refinery in northeastern England. Air travel, when compared to other modes of transportation such as automotive and rail, poses unique challenges to decarbonize. “Our pioneering PtL SAF project would directly support the global aviation industry’s ambitious goal of net-zero emissions by 2050, which represents a major, near-term step in the important effort to decarbonize aviation,” says Austin C. Willis, CEO of WLFC. “As one of the first aviation leasing companies to spearhead a SAF initiative of this magnitude, we are thrilled to be continuing our legacy as a leader and innovator in aviation. The SAF project is one element of our broader strategy to contribute towards the decarbonization of aviation. WLFC has committed to and invested approximately $1.5BN in modern technology, lower fuel consumption engines over the past few years, and will continue to do so in support of this strategy.” Building on Stakeholder Relationships For this new eco-chapter in aviation history, Willis believes that “stakeholders outside the traditional supply chain will be critical to meeting the aviation industry’s currently contemplated industry goals.” In 2019, WLFC expanded its United Kingdom (UK) presence by establishing an aircraft technical services business at Teesside International Airport, Darlington, UK, and forging key partnerships in the local region and the UK. “Building on our valued relationship with Teesside International Airport, we’re excited to partner with local stakeholders to continue to advance our plans toward the first PtL SAF refinery in Teesside,” says Mr. Willis. The company’s initial focus in the UK is largely based on its existing relationship with Tees Valley, where WLFC has developed Willis Aviation Services Limited and Jet Centre by Willis ...