The primary infrastructure needed for a greenfield HEFA facility includes: 1. Feedstock pre-treatment to reduce the risk that feedstock impurities poison catalysts and reduce process efficiency. The complexity of these facilities depends on the variety and quality of feedstocks used. Facilities with more homogeneous feedstock may have lower CapEx for pre-treatment compared to plants that can handle a wider range of oils or fats. 2. Hydro-processing units that convert lipid-based feedstocks into jet fuel through hydrogenation and isomerization. While commercially proven, these steps still represent a significant portion of the capital expenditure, given the high pressures and temperatures required for the reaction. 3. Hydrogen production as a critical input for the hydro-processing reaction. Hydrogen is subject to market availability if supplied from external facilities or can be produced on site, but that will significantly increase the CapEx needs. Alcohol-to-Jet While the capital investment for an Alcohol-to-Jet facility is generally higher than for HEFA, due to the complexity of the conversion process, the pathway remains attractive, especially in regions with abundant ethanol production and infrastructure. Factors that influence the CapEx requirements for an Alcohol-to-Jet SAF refinery are: 1. Ethanol production: While many Alcohol-to-Jet facilities rely on external suppliers for ethanol, there may be a strategic or logistical need to integrate ethanol production facilities into the overall SAF project, especially in regions where a stable ethanol supply chain is not yet fully developed. On-site ethanol production significantly increases CapEx requirements, driven by the need for biomass handling, fermentation and distillation. 2. Alcohol dehydration and oligomerization: These units are needed to convert alcohols into hydrocarbons and represent a significant portion of the capital expenditure, as they must operate at high temperatures and pressures; they also involve catalysts that need to be replaced periodically. 3. Feedstock handling: Given that ethanol is a liquid feedstock, handling and storage infrastructure is less complex than for the lipid- based feedstocks used for HEFA. However, because ethanol is more volatile and flammable, the facility must invest in specialized storage and transport, particularly in case ethanol supply chains are not well developed. Being able to deal with different types of alcohol, such as butanol, would also add to the CapEx requirements. Gasification-Fischer Tropsch The Gasification-Fischer Tropsch (G-FT) pathway currently represents a high-CapEx option for SAF production, primarily due to the complexity and scale of the process equipment required. The technology involves the gasification of solid feedstock into syngas (a mixture of hydrogen and carbon monoxide), which is then converted into hydrocarbons through the Fischer- Tropsch process. The key steps in the Gasification-Fischer Tropsch production that drive CapEx are: 1. Feedstock pre-treatment and handling: Different feedstocks require specific pre- treatment steps. Biomass is typically more heterogeneous and challenging to process. In addition, biomass is bulky, has lower energy density and degrades over time, requiring complex supply chain and storage capabilities. In contrast, municipal solid waste or industrial waste streams are generally cheaper to procure, despite having their own challenges, such as regulatory requirements, sorting and cleaning. 2. Gasification: This process converts carbon-rich feedstocks into syngas at high temperatures. The infrastructure needed for this represents a large portion of the investment due to the high temperatures and pressures involved. This method also requires complex emission control systems to manage the release of gases and particulate matter, which increases the overall capital investment. 3. Syngas cleaning and conditioning: Syngas produced from gasification contains impurities such as sulphur, tar and particulates that must be removed. The syngas cleaning and conditioning stage involves various filtration, scrubbing and chemical processes, each requiring specialized equipment. This phase is critical for ensuring the longevity and efficiency of the Fischer-Tropsch catalysts, but it significantly increases CapEx due to the complexity and precision required. 4. Fischer-Tropsch reaction: After syngas is produced it is converted into hydrocarbons through the Fischer-Tropsch process. Fischer-Tropsch reactors require high- capacity infrastructure designed to operate continuously under elevated pressures and temperatures, which also drives significant energy consumption. While capital investment for an AtJ facility is generally higher than for HEFA, the pathway remains attractive, especially in regions with abundant ethanol production and infrastructure. Financing Sustainable Aviation Fuels 11

Financing Sustainable Aviation Fuels 2025