SAF-producer EcoCeres eyeing IPO in EU

Sustainable aviation fuel (SAF) producer EcoCeres is reportedly planning an initial public offering at an exchange in the EU.

Initial reports estimate the company is expected to be valued at $5bn with initial plans to raise around $500m-1bn, according to a report by Bloomberg.

The Hong-Kong based company is primarily engaged in the business of SAF, renewable diesel production and other byproducts. The reports said that the plans at initial stages and the company could potentially decide against a listing.

EcoCeres was setup by utility firm Hong Kong & China Gas Company and bagged investments from Bain in 2023.

Europe is one of the key markets for the biofuels produced by EcoCeres. The company delivered around 10m litres of neat SAF for further blending at the Evos Ghent terminal in Belgium. EcoCeres produced the SAF via the HEFA-SPK technology at its 168,000mt per annum plant in Jiangsu, China.

The company recently entered in an agreement with HSBC and Cathay Pacific to increase SAF usage in Hong Kong by supply 3,500 tonnes of SAF to be used in Cathay’s flights.

In addition, it entered in a partnership with Japanese biofuels developer Euglena to promote and support development of sustainable aviation fuel (SAF) in Japan.