ATOBA Energy: Financing the Future of Sustainable Aviation Fuel

Aviation is one of the most challenging sectors to decarbonize. With limited alternatives to liquid fuels, Sustainable Aviation Fuel (SAF) has emerged as the cornerstone of aviation’s net-zero pathway. Yet, no single technology used to produce SAF can meet the industry’s needs. Instead, a diverse portfolio of solutions is essential—each with strengths and limitations that collectively create resilience and scalability.

Multiple technologies, one goal

Today’s SAF landscape spans several pathways: HEFA (Hydroprocessed Esters and Fatty Acids), alcohol-to-jet (ATJ), Fischer-Tropsch (FT), and emerging power-to-liquid (PtL) e-fuels. HEFA is currently the only commercialized route at scale, but its reliance on limited feedstocks constrains supply. ATJ and FT pathways promise to convert waste biomass and residues into jet fuel, broadening the resource base. Meanwhile, PtL e-fuels, made from renewable electricity, green hydrogen, and captured CO₂, represent a long-term solution capable of virtually unlimited scalability.

Reaching aviation’s decarbonization objectives will require the simultaneous development of all these technologies. Over-reliance on one would risk bottlenecks in feedstock availability, investment cycles, and regional energy dynamics. A diversified approach ensures both supply security and the progressive reduction of lifecycle emissions across geographies.

The Financial Dilemma

Despite clear technological pathways, SAF faces a sobering reality: it is two to 10 times more expensive than conventional jet fuel. The resulting “green premium” creates a classic chicken-and-egg dilemma. Airlines cannot absorb the long-term cost risks, while producers cannot unlock financing without long-term offtake certainty.

Traditional project finance models—successful in wind and solar—struggle to adapt to SAF’s unique challenges: complex feedstock logistics, evolving certification standards, and higher upfront capital requirements. Without new financial structures, the gap between SAF ambition and reality will persist.

Financial innovation matters

ATOBA focus is to solve the financial dilemma between the airlines and the new technology SAF producers. We do this through comprehensive upstream and downstream SAF offtake portfolio management, mitigating technological and pricing risks associated with various SAF production pathways. ATOBA Energy is powering the rapid scaling of SAF production by providing unique solutions:

1. Provide competitive pricing for airlines through long-term market aligned SAF index pricing, that continuously evolves with the maturation and scaling of the SAF industry.
2. Producers of all technologies can reach Final Investement Decision (FID) thanks to long-term offtake agreements based on pricing tailored to their technology.
3. SAF supply security is enabled by the wide offtake supply agreements from a wide range of technologies, feedstocks, and regions.

ATOBA Energy, IATA, and mutual benefit

This is where collaboration between industry innovators and associations such as IATA becomes vital. IATA provides the global platform to align airlines, policymakers, and solution providers around a shared SAF roadmap. By setting common standards and objectives, IATA lowers barriers to entry for SAF developers and financiers.

ATOBA Energy complements this role by designing innovative financing models that make SAF projects bankable and guarantee a competitive level playing field for airlines. We believe this complementarity accelerates SAF adoption and brings aviation closer to meeting its decarbonization goals—not in principle, but in practice.

Author: Arnaud Namer, Co-Founder & CEO
Company: ATOBA Energy

*Find out more about ATOBA Energy's engagement in the IATA's Strategic Partnership Program on the partners directory.