Azure Sustainable Fuels Front-End Engineering and Design (“FEED”) Study
Study will evaluate a proposed sustainable aviation fuel (SAF) source which can reduce aviation emissions by up to 80%.
Fast facts
We are lending $8.4 million to support the FEED study of Azure’s planned sustainable aviation fuels (SAF) production study on track to be completed in 2024. The CIB’s funding helps support Azure’s critical path of producing SAF by 2027, which could contribute materially to helping Canada meet its climate goal of net zero emissions by 2050.
With the International Coordinating Council of Aerospace Industries Associations committing to adopt 100 per cent SAF capability by 2030 for all commercial and military aircraft, the sustainable fuel market is expected to grow significantly. As demand increases, SAF, produced by Canadian products such as canola and soybean oil, is expected to add long-term value to the agricultural sector.
Benefits of CIB’s Involvement
The CIB is leveraging Accelerator Funding to include FEED capital expenditures being undertaken by the private sector to advance energy transition projects in Canada, including carbon capture and sequestration, hydrogen production and transportation, and clean fuels.
By providing the FEED study capital, we can accelerate future investment partnerships and advance more projects from the conception to the completion phase.