EcoCeres, a producer of sustainable aviation fuel (SAF), is reportedly planning an initial public offering (IPO) on a European exchange. Early reports suggest the company could be valued at $5 billion and aims to raise between $500 million and $1 billion, according to Bloomberg.
Based in Hong Kong, EcoCeres focuses on SAF, renewable diesel, and related byproducts. While the company’s IPO plans are still in the early stages, there is also a possibility that it may decide against pursuing a listing.
EcoCeres was founded by the Hong Kong & China Gas Company and secured investment from Bain in 2023.
Europe is a significant market for EcoCeres’ biofuels. The company recently delivered around 10 million liters of neat SAF to the Evos Ghent terminal in Belgium for blending. This SAF was produced at EcoCeres’ plant in Jiangsu, China, using the HEFA-SPK technology, with a capacity of 168,000 metric tons per year.
In addition to its European operations, EcoCeres has entered into a partnership with HSBC and Cathay Pacific to increase SAF usage in Hong Kong. As part of this agreement, EcoCeres will supply 3,500 tonnes of SAF for use in Cathay Pacific’s flights.
The company has also formed a partnership with Japanese biofuels developer Euglena to advance SAF development in Japan.
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