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Margin Shields: Feedstock Optionality in HEFA, AtJ, PtL Plants
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
Jun 148 min read
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