SAFFA announces $30m investment in SAF One

SAFFA Fund I, investment fund managed by Burnham Sterling Asset Management, announced an investment of up to $30m in SAF One Project breaking ground in 2026.

The fund said that it had already invested $10m in the project with the new investment of $20m taking the total tally to $30m.

SAF One, which has been developing a pipeline of SAF projects over the last several years, said it has achieved critical milestones on its Middle East project and is targeting production by Q4 2028.

“Scaling SAF globally requires collaboration across the ecosystem and SAF One is an ideal partner that has made excellent progress on its project in the Middle East,” said Michael Dickey Morgan, executive managing director of BSAM. “We look forward to SAF One project becoming a key supplier of SAF for the global aviation industry.”

“SAF One is delighted to partner with SAFFA and its stakeholders in the funding of our first project that we believe will be the first to deliver SAF out of the Middle East region,” said Mounir Kuzbari, co-founder and executive chair of SAF One.

SAFFA has received investments from Airbus, Air France-KLM Group, Associated Energy Group, BNP Paribas, Burnham Sterling, CMA-CGM, Mitsubishi HC Capital and Qantas Airways to accelerate the SAF production.

The corporate partners worked with investment manager Burnham Sterling Asset Management to establish SAFFA. The commitment from the eight partners amounts to an aggregate of $208m.  

SAF One was co-founded by Novus Aviation Capital and Sencirc Holding.