Trident Renewables

The sustainable aviation fuel debate spends most of its energy on the wrong question. It asks which technology wins, HEFA, alcohol-to-jet, power-to-liquid, when the technologies all work and demand is already guaranteed by mandate. The question that actually decides who makes money is narrower and less discussed: which producer controls feedstock. Feedstock is 50 to 70% of the cost of SAF, and the supply of the cheap feedstock is capped. That makes SAF a feedstock-spread busi

Sustainable aviation fuel has no shortage of demand and no shortage of technology. It has a shortage of bankable projects. Mandates are tightening, airlines are signing agreements, and capital is queued, yet most SAF proposals still fail to clear an investment committee, because the proforma oversells the upside and hides the three risks that actually decide whether a deal funds. None of them is the IRR on the cover slide. De-risking SAF means running a financial lens and a t