etasca

📣 We’re growing and looking for talented professionals to join our team in New York, London and Houston! If you’re passionate about the energy transition and increasing the sustainability of the chemicals industry, we'd love to hear from you. We are a leading independent market and technical due diligence advisor for M&A, capital raising and for project finance. Here are eight reasons to join us: 1️⃣ Work on impactful projects and support investments which are driving the energy. 2️⃣ Collaborate with industry experts – our team includes experienced professionals from top energy and consulting firms. 3️⃣ Highly rewarding projects – we offer advisory services to support major project finance and M&A engagements. 4️⃣ Global presence – opportunities in London, New York and Houston, working with international clients and partners. 5️⃣ Innovative environment – we review cutting edge energy transition technologies and are leaders in this field. 6️⃣ Career growth and learning – continuous learning opportunities and exposure that would not be possible in other consultancies. 7️⃣ Collaborative culture – we value teamwork, integrity and forward-thinking approaches to solving complex challenges. 8️⃣ Be part of something bigger – help shape a more sustainable future through smarter investments and innovative solutions. Interested? Let’s connect at contactus@etasca.com to discuss how you can be part of our journey. 📩

🎱 etasca's eight 🎱 - Key Points on Sustainable Aviation Fuel 1️⃣Jet fuel is energy dense on a mass basis (much more than batteries - 12 kWh/kg vs 0.2-0.5kWh/kg) and on a volume basis (much more than compressed hydrogen - 10kWh/l vs 1kWh/l). SAF is a viable solution to decarbonise aviation with similar energy density yet lower carbon intensity. 2️⃣SAF production is small but growing fast. Current global production is around 5m tons per year but with growth at ~30% CAGR to 2030. Supported by: - The SAF Grand Challenge in the US aiming to supply at 3 billion gallons per year of SAF by 2030, and cover 100% by 2050. Tax credit is up to $1.75 per gallon. - In the EU the ReFuel EU targets for SAF are 2% by 2025, 6% by 2030, and 70% by 2050. There are also separate synthetic fuels (e-SAF) targets from 1.2% by 2030 rising to 35% by 2050. - The UK has The Pathway to Net Zero Aviation, a 10% SAF mandate by 2030. The UK is also considering a revenue certainty mechanism by 2026 to support debt finance. 3️⃣Specifications are important in the sky! Fuel specifications are set by the American Standard of Testing Materials. Properties like flash point (to ensure safe handling), aromatic content (for O-rings and seals), freeze point (obvious), DCN (think candle in the wind...) Fortunately, six different types of SAF have now been approved by ASTM. 4️⃣Currently, only a maximum SAF blend of 50 percent is approved for aviation use. This is mainly due to the low aromatic content. 5️⃣SAF has different production pathways. Some are resource constrained, others are energy constrained. - Hydrotreated Esters and Fatty Acids ("HEFA") are the most common source of SAF production and involves hydrogenation of fats/oils then cracking/isomerising. - Alcohol to Jet converts alcohol (i.e. ethanol and iso-butanol currently approved) into SAF by dehydration and oligomerisation. Common feedstocks are corn, sugar cane and waste-based (e.g. MSW) - Fischer-Tropsch (FT) based production converts synthesis gas (sygas) into SAF. Syngas can be produced from any carbon-containing feedstocks.For eligible SAF, the FT feedstock is typically waste-based - e.g. MSW and forest residues which need gasified into syngas. - e-SAF uses the FT process with RWGS but with green hydrogen from electrolysis using renewable energy, and other eligible carbon sources including direct air capture, biogenic industrial sources and captured industrial emissions. 6️⃣SAF projects typically cost more than $500m and are relatively high risk for private equity and project financing, needing strong due diligence support and long-term offtakes. 7️⃣Concerns have been raised about the compatibility of bio-based SAF production with the future food production needs. Studies suggest that SAF could consume almost 30% of all sustainably available biomass by 2050. 8️⃣e-SAF cost of production is still 3-5 times higher than the price of conventional fossil-based jet kerosene but are expected to reduce significantly.

🎱 etasca’s 8 🎱 – Weekly Roundup 1️⃣ Indonesia has made plans for a 3% SAF mandate starting in 2026 and has raised its biodiesel blend to 40% to cut diesel imports. Its SAF National Action Plan (2025-2029) aims to support domestic HEFA-based production with incentives and possible UCO export restrictions. 2️⃣ OMV Petrom has begun construction on a SAF and renewable diesel production unit at its Petrobrazi refinery. Operational by 2028, it will have an annual capacity of 250 000 tons. CEO Christina Verchere stated, “Sustainable fuels are essential to decarbonise transportation, especially in sectors where electrification is difficult to implement, such as aviation.” 3️⃣ A study commissioned by the Renewable Carbon Initiative and Bio-based Industries Consortium (BIC), conducted by Nova Institute NPC, reportedly confirmed that biomass could meet 20% of global carbon demand in chemicals and materials by 2050. The study models multiple scenarios, with findings indicating that under a moderate high-tech scenario, 20% is achievable without compromising food, feed, or biofuel supply. 4️⃣ TotalEnergies and Air Liquide are developing two green hydrogen projects in the Netherlands, powered by the OranjeWind offshore wind farm. Plans include a 250 MW electrolyser for 30 000 tons/year at Zeeland refinery and a 130 MW deal with ELYgator for 15 000 tons/year to Antwerp. 5️⃣ thyssenkrupp Uhde will supply CCU technology to MOPCO for decarbonising and expanding three ammonia and urea plants in Egypt. The project will capture 145 000 tons CO₂/year for urea production, cut gas use by 10%, and integrate green hydrogen to produce 150 000 tons of green ammonia annually. 6️⃣ KBR, Inc. has been selected by developer Madoqua to conduct a feasibility study and preliminary design for a green fuels terminal in the Port of Sines, Portugal. Backed by the EU, the project will focus on the storage and distribution of liquid CO2, methanol, and SAF. 7️⃣ Renewable diesel consumption on the U.S. West Coast continues strong growth driven by state clean fuel policies. Since Q1 2023, consumption has nearly doubled, with Marathon Petroleum Corporation’s Martinez and Phillips 66’s Rodeo plants among those leading supply. California remains the largest market. 8️⃣ The European Commission has imposed definitive anti-dumping duties on biodiesel imports from China, ranging from 10% to 35.6% of the CIF price. It aims to protect jobs across more than 60 EU biodiesel producers. The UFOP – Union zur Förderung von Oel- und Proteinpflanzen e. V., a German association promoting domestic oil and protein crops, has endorsed the measure, citing concerns over market price pressures and fraudulent imports. Notably, the Commission rejected requests to exclude HVO from these duties but exempted SAF.

🎱 etasca's eight 🎱 - Key Points on battery materials and recycling 1️⃣ The EV battery market is currently dominated by Lithium-ion batteries or LIB, accounting for 95% of the global market share. Lead acid batteries hold the second largest share, followed by nickel metal-hybrid. 2️⃣ LIB's cost of production has dropped nearly 97% in the last 30 years. LIBs still contribute c. 30%-50% of EVs' production cost. 3️⃣ The global EV market is dominated by Asia Pacific (17.7 bn USD). China is the major driver of demand market growth in the region with 11 million units sold in 2024. Europe trails behind with 3 million units sold. 4️⃣ Lithium-ion batteries or LIBs vary based on the materials present in the cathode, which categorises them into different types. - The main LIBs used in industry include NMC (Nickel manganese cobalt oxide), LCO (Lithium cobalt oxide), LMO (Lithium manganese oxide), and LFP (Lithium iron phosphate). - NMC batteries offer higher energy density for longer range and faster charging, while LFP batteries have better thermal stability, longer cycle life and lower cost. - LFP batteries are becoming more popular in the EV market, mainly driven by light duty vehicles in China. 5️⃣ Battery recycling is gaining focus as more spent batteries (end-of-life) are coming onto the market. A typical passenger EV market lifespan is on average 15 years and by 2028, approximately 16 500 tons of EV battery packs are estimated to need processing with the figure reaching around 150 000 tons by 2035. 6️⃣ There are numerous ways to recycle end-of-life batteries. - Hydrometallurgy is the common method for recycling end-of-life batteries. Technical considerations encompass optimising leaching processes in hydrometallurgy to efficiently dissolve metals while minimising environmental impact. - Pyrometallurgy and direct recycling methods offer alternative approaches, each with its benefits and challenges. - Currently, battery packs designated for recycling are often shredded and pre-treated to create a substance known as black mass. Alternatively, a method involving the manual disassembly of battery packs into individual cells and other components may require more labour. - While this measure is expected to make handling and logistics safer and more efficient, this may also increase the burden of the industry to process or recycle the waste domestically due to reclassification of such waste to hazardous category and further restrict transportation due to higher cost and regulations. 7️⃣ The European Commission are currently (in 2025) in public consultation on amending the European Waste List to include new waste codes to address waste batteries, production wastes and treatment waste. 8️⃣ Recycling in Europe remains significantly more expensive (c. 30-60% depending on battery type) than in Asia (e.g. China or South Korea) due to higher costs of labour, energy, and construction, leading to reliance on overseas markets for end-of-waste processing.

🎱 etasca’s 8 🎱 – Weekly Roundup 1️⃣ The U.S. Department of Energy (DOE) has approved the disbursement of a loan guarantee to Calumet for expanding the Montana Renewables SAF refinery. The refinery, currently produces 140MMgpy of biofuels and will expand to 315 MMgpy, making up nearly 50% of North America's SAF supply. 2️⃣ Magnon Green Energy, a subsidiary of the Ence - Energía y Celulosa Group, is developing a biogenic CO2 capture and renewable methanol production project at its 137 MW biomass-based power plant in Huelva, Spain. The project aims to produce 250 000 tpy of renewable methanol using captured biogenic CO2 and green hydrogen. 3️⃣ Hungary-based MOL Group has successfully produced SAF and HVO at its Slovnaft refinery in Bratislava. The refinery, with a processing capacity of 124 000 barrels per day, is now technologically capable of producing biodiesel and SAF. 4️⃣ French project developer Verso Energy has signed a cooperation agreement with the City of Oulu, Finland, to develop a €1.4bn plant converting green hydrogen into e-SAF. It is expected to produce 80 000 tons of e-SAF per year. 5️⃣ bp is cutting renewable investments and increasing oil and gas production after profits fell to $8.9bn in 2024 from $13.8bn in 2023. It plans to drop its 50GW renewables target on the 26 February and halve its $10bn renewables investment. 6️⃣ Accelera by Cummins will supply a 100MW PEM electrolyser system, consisting of 20 HyLYZER®-1000 units for bp's Lingen green hydrogen project in Germany. The electrolysers will be manufactured at Accelera’s new plant in Guadalajara, Spain, and plan to be operational by 2027. 7️⃣ China is to cut renewable energy subsidies as part of market reforms aimed at integrating clean energy into market-driven pricing, the NDRC announced. From June 1, new projects must sell electricity at market rates. China has already surpassed its 2030 target of 1 200 GW of solar and wind but faces curtailment issues due to grid limitations. 8️⃣ Liquid Wind, in partnership with Övik Energi AB, will continue an ex-development of an e-methanol facility in Örnsköldsvik, Sweden, from Spring 2025 - previous site for the Orsted FlagshipONE project. This new development will be for 100 thousand tons e-methanol capacity, which is twice the capacity of the previous plant.

🎱 etasca’s 8 🎱 – Weekly Roundup 1️⃣ BASF has launched HySorb® B 6610 ZeroPCF, the first zero-carbon polyacrylate superabsorbent polymer for the hygiene industry. Produced via BASF's biomass balance approach at BASF’s Antwerp site, it helps manufacturers in Europe, the Middle East, and Africa cut Scope 3 emissions without altering production lines. 2️⃣ ACWA Power has signed an MoU with SEFE Securing Energy for Europe GmbH (SEFE) to develop cost-competitive green hydrogen solutions, positioning Saudi Arabia’s as a key energy supplier in Europe’s clean energy transition. 3️⃣ Landus and Talus Renewables have opened North America's first local green ammonia facility in Boone, Iowa, using modular systems, producing up to 20 tons per day to reduce reliance on volatile global fertilizer markets. 4️⃣ Copenhagen Infrastructure Partners has secured EU funding for two projects: the Baltic Sea Hydrogen Collector, an offshore pipeline linking Finland, Germany, and Sweden, which is set for €15m under the Connecting Europe Facility (CEF) program, while HØST PtX Esbjerg will receive €13M from Climate, Infrastructure and Environment Executive Agency (CINEA) for development. 5️⃣ thyssenkrupp Uhde and Novonesis have introduced uhde® enzymatic esterification, cutting energy use and reducing GHG emissions in ester production. Using enzymes instead of chemical catalysts, it enables lower temperatures and fewer side reactions - boosting efficiency. A retrofit package allows adoption in existing plants, with industrial scale-up now ready. 6️⃣ Amid industry downturn in refining margins, bp has announced plans to sell its Gelsenkirchen refining site in Germany as part of its cost cutting strategy. The refinery has a processing capacity of ~12 million tons of crude oil per year. The sale will also include related assets such as DHC Solvent Chemie GmbH. 7️⃣ UK-based developer Firstway Energy has secured planning approval for 400 MW of BESS capacity in a single day. The projects include a 200 MW system at Mill Hey, Cheshire and two 100 MW systems at Illey Lane, West Midlands, and Bicker Drove, Lincolnshire respectively. 8️⃣ Gevo, Inc. has completed its $210 million acquisition of Red Trail Energy, including its ethanol plant (67 MMgy of ethanol capacity) and CCS assets, with plans to develop a ethanol-to-SAF facility on the site named Net Zero North.

🎱 etasca’s 8 🎱 – Weekly Roundup 1️⃣ UK Chancellor Rt Hon Rachel Reeves has announced that Heathrow’s third runway could be completed by 2035. The resulting increase in aviation traffic is likely to further accelerate the demand and development of Sustainable Aviation Fuel in the UK. 2️⃣ Maharashtra, India’s western state, has formed a seven-member committee to assess a petrol and diesel vehicle ban in Mumbai, permitting only electric and CNG vehicles, following a Bombay High Court directive. The directive follows a 12% rise in Mumbai’s Air Quality Index (AQI) since 2020. 3️⃣ Worley has won the final FEED contract for First Ammonia’s 300 tpd electric ammonia plant in Victoria, Texas, the first to use solid-oxide electrolysers, which claim a 30% energy efficient improvement relative to PEM and alkaline alternatives. Topsoe will be the technology licensor. 4️⃣ Enilive, subsidiary of Eni, has commenced SAF production at its Gela biorefinery in Sicily, Italy, with a capacity of 400 ktpa nearly one third of Europe's projected SAF demand in 2025 under the ReFuelEU Aviation Regulation. The Gela facility processes 736 ktpa tons of biomass, primarily from waste-based feedstocks. 5️⃣ AGC Chemicals Americas Inc. has launched RESIFA™ SOLESPHERE™, a new fine silica solution designed to enhance CO₂ capture efficiency. The new solutions aim to provide greater porosity to maximise absorption and thermal stability reducing energy consumption. 6️⃣ ExxonMobil and Trammo, Inc., led by Christophe Savi, have signed a Heads of Agreement for the long-term offtake of 300–500 kpta of low-carbon ammonia from ExxonMobil’s Baytown, Texas facility. The project, set to launch in 2029, will produce up to 1000 kpta of ammonia and 1 bcf/d of hydrogen. 7️⃣ Haffner Energy, LanzaJet, and LanzaTech have announced a collaboration to advance biomass-to-SAF production. The partnership integrates Haffner Energy’s biomass-agnostic clean fuel technology with CirculAir™, a joint technology from LanzaJet and LanzaTech that converts waste carbon into low-carbon SAF. 8️⃣ LyondellBasell signed two long-term power purchase agreements for renewable wind energy in Europe. A 15-year deal with Vattenfall secures 450 GWh/year for its circular and low-carbon solutions in Germany, while a 10-year agreement with wpd adds 79 GWh/year from Italy’s Licata wind project starting 2026.

🎱 etasca's eight 🎱 - Key Points on Sustainable Aviation Fuel 1️⃣Jet fuel is energy dense on a mass basis (much more than batteries - 12 kWh/kg vs 0.2-0.5kWh/kg) and on a volume basis (much more than compressed hydrogen - 10kWh/l vs 1kWh/l). SAF is a viable solution to decarbonise aviation with similar energy density yet lower carbon intensity. 2️⃣SAF production is small but growing fast. Current global production is around 5m tons per year but with growth at ~30% CAGR to 2030.  Supported by: - The SAF Grand Challenge in the US aiming to supply at 3 billion gallons per year of SAF by 2030, and cover 100% by 2050. Tax credit is up to $1.75 per gallon. - In the EU the ReFuel EU targets for SAF are 2% by 2025, 6% by 2030, and 70% by 2050. There are also separate synthetic fuels (e-SAF) targets from 1.2% by 2030 rising to 35% by 2050. - The UK has The Pathway to Net Zero Aviation, a 10% SAF mandate by 2030. The UK is also considering a revenue certainty mechanism by 2026 to support debt finance. 3️⃣Specifications are important in the sky! Fuel specifications are set by the American Standard of Testing Materials. Properties like flash point (to ensure safe handling), aromatic content (for O-rings and seals), freeze point (obvious), DCN (think candle in the wind...) Fortunately, six different types of SAF have now been approved by ASTM. 4️⃣Currently, only a maximum SAF blend of 50 percent is approved for aviation use. This is mainly due to the low aromatic content. 5️⃣SAF has different production pathways. Some are resource constrained, others are energy constrained. - Hydrotreated Esters and Fatty Acids ("HEFA") are the most common source of SAF production and involves hydrogenation of fats/oils then cracking/isomerising. - Alcohol to Jet converts alcohol (i.e. ethanol and iso-butanol currently approved) into SAF by dehydration and oligomerisation. Common feedstocks are corn, sugar cane and waste-based (e.g. MSW) - Fischer-Tropsch (FT) based production converts synthesis gas (sygas) into SAF. Syngas can be produced from any carbon-containing feedstocks.For eligible SAF, the FT feedstock is typically waste-based - e.g. MSW and forest residues which need gasified into syngas. - e-SAF uses the FT process with RWGS but with green hydrogen from electrolysis using renewable energy, and other eligible carbon sources including direct air capture, biogenic industrial sources and captured industrial emissions. 6️⃣SAF projects typically cost more than $500m and are relatively high risk for private equity and project financing, needing strong due diligence support and long-term offtakes. 7️⃣Concerns have been raised about the compatibility of bio-based SAF production with the future food production needs. Studies suggest that SAF could consume almost 30% of all sustainably available biomass by 2050. 8️⃣e-SAF cost of production is still 3-5 times higher than the price of conventional fossil-based jet kerosene but are expected to reduce significantly.

Do you need Technical advisory support❓ contactus@etasca.com to find out how we might help.  Our technical due diligence is led by chartered chemical engineers with prior plant management experience, complemented by extensive advisory experience inspecting and benchmarking operations.  Our operational experience enables us to assess a plant’s condition, operating performance and cost structure - identifying future value creation and potential risks. We've done this at all TRL levels from technologies at pilot scale (looking to scale-up) through to companies that have multiple operational sites.   Typically, an etasca technical due diligence for an energy or chemical site would include: 📈 Plant reliability and performance review -Assessment of operating data such as a plant’s reliability, throughput and yields to evaluate a plant's ability to achievebusiness plan throughput/production volumes. 🏭 Site Visit -A site visit to visually assess/inspect a plant’s condition and to evaluate maturity in maintenance, integrity and management effectiveness - in addition to identifying any further technical risk. 💰 Capex and Opex -Assessment of maintenance and growth capex (historical and forecast spend).  -Analysis of operating costs. 🔬 Technology evaluation  -Process technology benchmarking (techno-economics, reliability, cost competitiveness) and ability to scale-up. Level of patent protection and production know-how. 🌱 Environment, Health and Safety -E&HS performance – environmental impact, carbon footprint and decarbonisation opportunities as well as health and safety performance. -Review of any material environmental liabilities. 📊 Financial projections / business plan  -Review of operational and cost assumptions underpinning the business plan.

India is set to host the grand Maha Kumbh Mela, a once-in-144-years event at the confluence of the Ganga, Yamuna, and mythical Saraswati rivers. Originating from the battle between gods and demons over the nectar of immortality, it remains the largest human gathering in the world - expecting to host 400 million people! etasca was in the majestic country of India this week celebrating with the gods of the energy transition. Here’s eight things we learned: 1️⃣ India is advancing its National Green Hydrogen Mission, targeting 5MMT of green hydrogen annually by 2030, backed by 125 GW of renewable energy capacity and a production cost goal of $1.5/kg. The mission aims to attract INR 8 lakh crore in investments, create 600,000 jobs, and cut 50 MMT of CO₂ emissions. 2️⃣ India will mandate the use of locally made solar cells for all clean energy projects starting June 2026, reducing import dependence. Reliance Industries Limited is investing Rs 75,000 crore (USD 10 billion) to achieve net-zero by 2035, with the Jamnagar Giga Complex housing five giga factories for solar PV, fuel cells, green hydrogen, energy storage, and power electronics. The 20 GW solar PV facility will commence by March 2025, alongside expansions by Adani Group and TATA POWER SOLAR pvt ltd. 3️⃣ Global energy giant ENGIE plans to expand its renewable energy portfolio in India to 7 GW by 2030, up from the current 2.3 GW, focusing on solar and wind projects. The company is also exploring advanced energy storage solutions to align with India's clean energy transition. 4️⃣ AM Green Group is developing India's largest 1 MTPA green ammonia complex in Kakinada, expected to commence operations by late 2026. The project, powered by solar and wind energy, will feature 1.3 GW of electrolyzers supplied by John Cockerill, with a major portion of ammonia destined for export. 5️⃣ NTPC Green Energy Limited (NGEL) has announced a $21 billion green energy hub in Andhra Pradesh to produce 1500 tons of green hydrogen and 7500 tons of derivatives daily, including green methanol and sustainable aviation fuel. 6️⃣ Maruti Suzuki India Limited will make India the global production hub for its first EV, the E-Vitara, with production starting at its Gujarat plant by 2025. This aligns with Prime Minister Modi’s vision of an eight-fold EV adoption increase by 2030, enhancing India's EV ecosystem. 7️⃣ Bharat Petroleum Corporation Limited (BPCL) has announced an $11 billion investment in fuels and petrochemical complex in Andhra Pradesh. The facility, with a capacity of 9 million tons per year, aims to cater to the rising fuel demand in southern India. Pre-project activities, including land acquisition, are underway. 8️⃣ Indian renewable energy company ACME Group is set to commence operations of a 320MW green ammonia plant in Oman by early 2027, having signed an agreement with Yara International to supply 100 KTPA of ammonia. The plant will then be expanded in phases up to a capacity of 900 KTPA.