Willis Lease Finance Corporation Undertakes New, Innovative “Power-to-Liquid” (PtL) Sustainable Aviation Fuel (SAF) Project
17 Julio 2023 - 5:30AM
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 at Teesside
International Airport over the last 36 months.
The project aligns with and supports not only
the Tees Valley Net Zero strategy but also the UK government’s Ten
Point Plan, Build Back Greener, and Jet Zero strategies. Combined
with Tees Valley creating a National Hydrogen Hub, Tees Valley
Mayor Ben Houchen believes that this new decarbonization project
has great potential to boost the area’s standing as a leader within
the region, create new jobs, and demonstrate how Teesside
International Airport and WLFC are working together for the whole
of Teesside and adjoining Darlington and Hartlepool. “WLFC is
already a great partner to our airport and the SAF project will
also support the airport’s aim to establish itself as the UK’s
first net zero airport,” Mayor Houchen emphasizes.
WLFC’s current commercial relationships with
120+ global airlines, as well as regional UK airlines, further
qualifies the company to facilitate participation and SAF off-take
commitments from airlines and/or large-scale fuel distributors.
A Decarbonized Future in Aviation
The new SAF refinery project completed
feasibility studies in late 2022. Working closely with Teesside
International Airport and partners with subject matter expertise in
sustainable energy as well as building infrastructure, WLFC
believes that SAF is the most viable near-term way to contribute to
a decarbonized future in aviation. The project is now in the
front-end engineering design stage. The PtL SAF process is being
designed to utilize feedstocks derived from CO2 and green hydrogen
(produced from renewable electricity) leading to substantial
reductions in greenhouse gas emissions.
“WLFC is proud to be at the forefront of this
important global initiative aimed at accelerating the transition to
a more sustainable aviation industry,” continued Mr. Willis, “We
are serious about this project and committed to its success.”
Willis Lease Finance
Corporation
Willis Lease Finance Corporation (“WLFC”) leases
large and regional spare commercial aircraft engines, auxiliary
power units and aircraft to airlines, aircraft engine manufacturers
and maintenance, repair, and overhaul providers worldwide. These
leasing activities are integrated with engine and aircraft trading,
engine lease pools and asset management services through Willis
Asset Management Limited, as well as various end-of-life solutions
for engines and aviation materials provided through Willis
Aeronautical Services, Inc. Additionally, through Willis Engine
Repair Center®, Jet Centre by Willis, and Willis Aviation Services
Limited, the company’s service offerings include Part 145 engine
maintenance, aircraft line and base maintenance, aircraft
disassembly, parking and storage, airport FBO and ground and cargo
handling services.
Except for historical information, the matters
discussed in this press release contain forward-looking statements
that involve risks and uncertainties. Do not unduly rely on
forward-looking statements, which give only expectations about the
future and are not guarantees. Forward-looking statements speak
only as of the date they are made, and we undertake no obligation
to update them. Our actual results may differ materially from the
results discussed in forward-looking statements. Factors that might
cause such a difference include, but are not limited to: the
effects on the airline industry and the global economy of events
such as war, terrorist activity and the COVID-19 pandemic; changes
in oil prices, rising inflation and other disruptions to world
markets; trends in the airline industry and our ability to
capitalize on those trends, including growth rates of markets and
other economic factors; risks associated with owning and leasing
jet engines and aircraft; our ability to successfully negotiate
equipment purchases, sales and leases, to collect outstanding
amounts due and to control costs and expenses; changes in interest
rates and availability of capital, both to us and our customers;
our ability to continue to meet changing customer demands;
regulatory changes affecting airline operations, aircraft
maintenance, accounting standards and taxes; the market value of
engines and other assets in our portfolio; and risks detailed in
the company’s Annual Report on Form 10-K and other continuing
reports filed with the Securities and Exchange Commission.
CONTACT: |
Lynn Kohler |
|
Manager Corporate Communications |
|
lkohler@willislease.com |
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