Willis Sustainable Fuels (UK) Limited Approved for Construction of Sustainable Aviation Fuel (“SAF”) Refinery at Teesworks, UK

COCONUT CREEK, FL, March 5, 2024 — Willis Sustainable Fuels (UK) Limited, the wholly-owned subsidiary of Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC”), a leading lessor of commercial aircraft engines and global provider of aviation services, announced today that the Redcar and Cleveland Borough Council has approved the plans for its Carbonshift PtL SAF refinery project at Teesworks in Tees Valley, England. 

The approval is a critical step in the development of the refinery project, which is currently estimated to have annual production capacity of fourteen kilotons (approximately five million gallons) of powerto-liquid (“PtL”) SAF when it enters into operations. 

Recently, the project was awarded a £4.721M grant from the UK Department for Transport (“DfT”) Advanced Fuels Fund competition in support of its commitment to meet the growing demand for sustainable aviation solutions and contribute to a collective effort towards a more sustainable future for global aviation. 

"We're thrilled to have the Reserved Matters Planning Application approved, marking a pivotal step in our project and our commitment to contribute to the reduction of greenhouse gas emissions within the UK and global aviation sector," expressed Austin Willis, CEO of WLFC. "We're poised to dive into action, collaborating closely with our partners at Teesworks to bolster the UK’s SAF pipeline." 

“It is exciting to set forth on this groundbreaking project. We are grateful for our partners at Teesworks and the DfT for supporting the advanced fuels sector,” said Stephanie Sutherland, WLFC’s Director of Corporate Development. 

Willis Sustainable Fuels (UK) Limited's Carbonshift PtL process is targeted to produce SAF that can be seamlessly blended with conventional jet fuel for immediate use with existing commercial aircraft engines.

Aligned with the UK government's stated vision, this SAF project would be integral in actualizing the UK’s target of having a minimum of five commercial-scale SAF plants under construction by 2025. 

Furthermore, it directly bolsters the international aviation community's ambitious pursuit of achieving net-zero emissions by 2050.