HSBC has signed a deal to purchase sustainable aviation fuel (SAF) from Ecoceres for Cathay Pacific flights departing from Hong Kong. Ecoceres, a spinoff from Hong Kong billionaire Lee Shau Kee's gas supplier Towngas, produces environmentally-friendly jet fuel from animal fat and used cooking oil. The company aims to become a leading SAF producer by the end of this year and contribute to the aviation industry's target of net zero carbon emissions by 2050.
HSBC has signed a deal to purchase sustainable aviation fuel from Ecoceres for Cathy Pacific flights departing from Hong Kong. Ecoceres , a spinoff from Hong Kong billionaire Lee Shau Kee’s gas supplier Towngas, makes environmentally-friendly jet fuel out of animal fat and used cooking oil. It has set its sights on becoming a leading producer of such fuel by the end of this year.
Ecoceres was started in 2008 as a biorefining research and development project at Hong Kong & China Gas, Hong Kong’s sole gas supplier known locally as Towngas. Ecoceres spun off from Towngas in 2021 and raised $108 million in a Series A round from Kerogen Capital, a private equity firm cofounded by members from JPMorgan’s Asia energy and natural resources group. In 2023, Towngas sold a 21% stake in Ecoceres to Bain Capital in a deal that valued the startup at nearly $1.5 billion.
Ecoceres’ increasing production capacity is well-timed with a European Union mandate that requires at least 2% of total jet fuel supply to be SAF starting this year, and a minimum of 70% by 2050. Ecoceres’ biggest revenue stream comes from its SAF output to Europe, with customers such as Germany’s Lufthansa, says Lievonen.
Environment SUSTAINABLE AVIATION FUEL Ecoceres HSBC CATHAY PACIFIC CLIMATE CHANGE AVIATION
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