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Access to advantaged supply of feedstock and carbon sequestration.
Completion of Front-End Engineering and Design (FEED) and related permitting requirements targeted for end of 2024.
CALGARY, AB, Dec. 20, 2023 /CNW/ - Azure 2023 Inc. ("Azure" or the "Company"), a leading developer in the sustainable aviation fuel ("SAF") industry, today announces its planned development of an SAF production facility in Cherryvale, Kansas.
Since June 2023, Azure has been progressing a FEED study, which is on track for completion in 2024. Azure is targeting a final investment decision ("FID") by early 2025; if approved, the Company is targeting to reach first production in 2027.
The facility would use commercially proven technology, allowing for efficiency in speed to market and future expansion. Once fully operational, the facility will produce approximately 135 million gallons per year of renewable fuels, primarily SAF. The use of Azure's SAF will reduce global aviation emissions by approximately 1 million tons per year, equivalent to removing emissions from roughly 200,000 cars annually.
There will be significant job creation throughout the construction and during operations of the facility. Approximately 1,500 workers will be required through construction, and operations will require approximately 150 full-time positions. Azure is dedicated to supporting the local economy and prioritizing local sourcing, where feasible.
Azure has also received significant support from the local government. On December 18, the Montgomery County Commission approved various tax incentives to help support the project. These incentives include a 10-year property tax exemption and an exemption on sales tax on construction materials and labor.
"We are pleased to have the opportunity to bring this project to Kansas" said Douglas Cole, CEO of Azure. "Our project combines advancements from the aviation sector with the strength of the agricultural community, while relying on the skills and expertise of the oil and gas industry. We believe that our project would help to enhance Kansas' rich aviation history and create a significant number of new construction and high-quality operations jobs. A project of this scale would not be possible without the support of local authorities, including the Montgomery County Commission."
SAF is an essential component in reducing emissions in global aviation, providing a renewable alternative that can reduce emissions by greater than 50% relative to traditional fossil-based jet fuel. SAF is a certified drop-in replacement fuel for commercial airlines and is in use today, globally.
Azure's goal of producing SAF with the lowest emissions is further supported through an executed letter of intent with CapturePoint Solutions to explore the opportunity to tie-in to its existing and operating carbon dioxide (CO2) sequestration network and infrastructure.
About Azure Azure is a privately held corporation solely focused on developing SAF-focused renewable fuels production facilities, which are required to meet current domestic and international mandates related to the reduction of CO2 emissions generated by the aviation sector. As a certified drop-in fuel, the use of Azure's SAF in existing jet engines will provide for a reduction of emissions by greater than 50% when compared to traditional fossil-based jet fuel, providing a path for the aviation industry to significantly reduce its emissions within the next decade without the need to replace or materially alter the existing aviation fleet. To learn more, visit www.azuresf.com.
About CapturePoint SolutionsCapturePoint Solutions is a privately held company based in Allen, Texas focused on leading-edge carbon management services in an era of energy transition. To learn more, visit www.capturepointllc.com.
Cautionary StatementStatements of future events or conditions in this new release, including projections, targets, expectations, estimates, and business plans contain certain forward-looking information and forward-looking statements (collectively, "forward-looking information"). Forward-looking information includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or headings such as "financial expectations", "key assumptions", "anticipate", "believe", "expect", "plan", "will", "outlook", "guidance", "should" or similar words suggesting future outcomes.
Forward-looking information in this news release includes, but is not limited to: Azure's plans to construct an SAF and related renewable products facility; references to the production of SAF, the expected timing of regulatory approvals; the Company's projections regarding expected reductions in CO2 emissions in comparison to sustainable farming practices and use of conventional fuels; the anticipated date for commencing SAF production at the facility; the Company's commitment to investing in projects that support sustainability and contribute to reducing emissions; the anticipated benefits to the Company as a result of its entry into the partnership arrangement with Bartlett and Savage and the Company's plans for transportation and management of SAF. Forward-looking information is based on Azure's current expectations, estimates, projections, and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning SAF production, energy use and greenhouse gas emissions; demand growth and energy source, supply and demand mix; the adoption and impact of new facilities and technologies; the availability and cost of locally sourced and grown feedstock; applicable laws and government policies and actions, including with respect to climate change and Aviation Climate Action Plan; that any required support from policymakers and other stakeholders for various new technologies will be provided; performance of third party service providers; the Company's ability to effectively execute on its project plans and operate the SAF facility; general market conditions; commodity prices; and capital and environmental expenditures could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, petroleum, and alternative fuel products and resulting price, differential and margin impacts; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; failure or delay of supportive policy and market development for emerging lower emission energy technologies; the competitiveness of alternative fuels and other emission reduction technologies; the receipt, in a timely manner, of regulatory and third-party approvals; availability and performance of third-party service providers; political or regulatory events, including changes in law or government policy, taxes and tax rates; geopolitical instability; acts of terrorism, war or other acts of violence or crime or risk of such activities; the effects of current and future multinational trade agreements on the level of trade among Canada, the U.S. and Mexico; sufficiency of budgeted capital expenditures in carrying out business plans; currency and interest rate fluctuations; exchange rates; risks associated with agricultural production such as weather conditions and insect populations; inflation; unanticipated technical or operational difficulties; management effectiveness and disaster response preparedness, including business continuity plans; unexpected technological developments; operational hazards and risks; cybersecurity incidents; and general economic conditions.
Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information. Forward-looking information is not a guarantee of future performance and inherently involve a number of risks and uncertainties. Azure's operating and financial results may differ materially from those expressed or implied by its forward-looking information and readers are cautioned not to place undue reliance on them. Azure undertakes no obligation to update any forward-looking information contained herein, except as required by applicable law.
SOURCE Azure Sustainable Fuels Corp.’
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