What? The £165 million Advanced Fuels Fund (AFF) was launched by the UK Government in December 2022 as part of a broader strategy to promote the development and commercialization of SAF within the UK. It targets SAF pathways that can deliver at least 70% fewer greenhouse gas emissions than conventional jet fuel. AFF complements other UK government efforts, including mandating at least 10% SAF use in aviation by 2030.9 The fund is aimed at all development stages up to the start of construction. The proposed plant must already be at a technological readiness level (TRL) of 5 (pilot plant) to be eligible to apply; and it must achieve a TRL of at least 6-8 (small demonstration, large demonstration or FOAK commercial scale) once operational.10 How? A total of £135 million was invested across 13 projects (four AtJ, four G-FT and six PtL projects). The selection of projects was defined by four criteria: 1 Project relevance (5%): Clarity of the project objectives and relevance to the fund’s objectives.2 Technical approach (30%): Assessment of the credibility, innovation and progress of the technological approach, fuel certification and the expected environmental impact of the proposed plant. 3 Commercial approach (20%): Assessment of the economic viability, including potential benefits in job creation, revenues and the broader impact of future deployment and export opportunities. 4 Project implementation (45%): Assessment of readiness, skills, management, detailed planning and financial feasibility of the project, ensuring it can be successfully executed with the allocated funds. Impact: The Lighthouse Green Fuels project developed by Alfanar is one of the largest investments made by the AFF, with just under £20 million in funding spread across two tranches. Before this, the Lighthouse Green Fuels project had secured ~£2 million from previous UK government funding competitions. The funding allowed Alfanar to advance its engineering and engage with technology providers. The funding was critical to Alfanar since the development of the project had started before any SAF legislation (e.g. SAF mandate) had been announced or put in place.CASE STUDY 2 UK’s Advanced Fuels Fund investment into Alfanar Energy Leverage local expertise of multilateral development banks to navigate developing marketsLever 2 Funding Source Public funding Industry funding Institutional funding Pathways (relevance of guideline by pathway, low = nice to have vs. high = must have) HEFA Alcohol-to-Jet G-FT Power-to-Liquid High High High High Lifecycle (relevance of guideline by pathway, low = rarely applicable vs. high = very common) Pre-feasibility Feasibility + FEED FID Construction Commissioning High High High Low Low Financing Sustainable Aviation Fuels 21

Financing Sustainable Aviation Fuels 2025