What? In late 2021, EcoCeres raised $108 million in funding from Kerogen Capital, a specialist energy investor. This represented the first external funding round for the company, which had been incubated by Towngas since 2008, and facilitated the carve-out of EcoCeres as an independent business entity. In 2022, Bain Capital made an investment of over $700 million for a significant stake in the company. This investment marks one of Bain Capital’s largest transactions in Asia relating to the energy transition. Since the transaction, EcoCeres has been jointly controlled by Bain Capital and Towngas. How? With SAF a relatively nascent sector in 2021, EcoCeres first had to attract specialist private capital to underwrite its near-term growth plans. Following successful proof points to its thesis, including the introduction of SAF as a new and attractive option within its product mix, it was then able to raise significant capital from a blue-chip investor in the form of Bain Capital. Both investment rounds came after a thorough due diligence process, covering all key aspects of the business including technology, commercial, financial and legal perspectives. EcoCeres worked with a professional due diligence vendor team engaged by Bain Capital and was recognized as a leader in SAF innovation and production. Impact: EcoCeres has leveraged its investors’ industry experience and resources to further accelerate international expansion across Asia Pacific, Europe and the Middle East. This includes earmarking a significant portion of the growth capital from Bain Capital and Kerogen to construct a state- of-the-art production facility in Malaysia. This augments EcoCeres’ production capabilities, more than doubling the company’s output across two facilities to 750,000 tonnes per annum in total.CASE STUDY 9 Kerogen and Bain Capital investments in EcoCeres 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 Medium High High High Lifecycle (relevance of guideline by pathway, low = rarely applicable vs. high = very common) Pre-feasibility Feasibility + FEED FID Construction Commissioning Low Low High High High Attract infrastructure investors to access cheaper capitalLever 8 As SAF projects expand into the megaton-scale, capital requirements can skyrocket to multiple billions. In addition, engineering, procurement and construction can span multiple years before production begins. To secure enough funding, developers need to access large amounts of capital with a long-term investment horizon. Infrastructure investors can play a vital role in providing both capital and management expertise for large projects. These investors pool capital together from institutional investors, pension funds and sovereign wealth funds to invest in large-scale infrastructure, increasingly with a sustainability theme. While infrastructure investors are more risk-averse than private equity, their cost of capital is generally cheaper. Infrastructure investors leverage their reputation and large portfolios to attract this cheaper capital and ultimately pass on the savings to SAF projects, while taking a more active role in the construction process. Infrastructure investors leverage their reputation and large portfolios to attract cheaper capital and ultimately pass on the savings to SAF projects. Financing Sustainable Aviation Fuels 33

Financing Sustainable Aviation Fuels 2025