New Energy Risk Develops Performance Insurance For TCG Global and Red Rock project

In California, New Energy Risk has created an insurance product for TCG Global that will cover TCG Global’s high-efficiency gasifier as it is field-tested and installed, beginning with the Red Rock Biofuels’ Lakeview, Oregon plant.

Velocys secures £4.9M for next stage of UK waste-to-jet fuel project from Shell, BA, UK gov’t

In the UK, Velocys has secured funding to deliver the next development phase of the waste-to-sustainable jet fuel project that the company is developing in the UK. A grant of £434k has been secured from the Department for Transport under the Future Fuels for Flight and Freight Competition. The award of this grant, together with ongoing policy support provided by the Renewable Transport Fuel Obligation, will help this innovative waste-to-fuels project bring jobs and clean growth to the UK. The project is being developed with the financial and technical support of Shell and British Airways, and £4.5m has been committed by the industry partners including Velocys.

Reaction from the New Energy Risk and Red Rock stakeholders

“New Energy Risk has been a tremendous partner for us,” said Creg Hughes, CEO of TCG Global. “Insurance was the critical element in supporting the performance of our gasifier, and no other team had the ability and dedication to understand our technology and creatively structure insurance around it, thereby creating a financeable product we could provide to Red Rock Biofuels.”

Reaction from Velocys, Shell, British Airways and the UK government

“Today the UK has taken another step forward towards becoming a world leader in low carbon aviation,” said David Pummell, CEO of Velocys. “Government funding, recent policy changes and successful completion of the feasibility study have enabled Velocys and its partners to move forward to the next phase in developing the UK’s first waste-to-renewable jet fuel plant. With Shell and British Airways we have a terrific set of partners to complete the project.”