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US Federal Government ,” he says . “ In fact , it has specifically excluded SAF developers from being eligible for an Investment Tax Credit , which it freely offers to solar and wind developers .
“ At present there are no funding solutions forthcoming from the government funds , renewable funds or banks for development capital funding . So , it ’ s left up to us to get creative , and that is what we ’ ve done . Pre-construction engineering funding is commonly known as development capital or DevCap and we have engaged third party intermediaries and consultants to identify and source the required pre-construction engineering funds . These investors exclude the traditional infrastructure and renewable funds whose charters do not allow this type of investment . We focused on the use of world class and top tier partners for this project ; to help mitigate all the risks and reassure investors , and numerous companies have acknowledged our efforts . We have a new investor committed to coming on board with major industry experience , introduced to us by consultant NimblX , with Securities compliance being handled by Merit Securities . Both companies are WA based . In the future , we plan to partner with a company , currently unannounced , that will soon have a fund of $ 2 billion-to- $ 3 billion just for DevCap . Once that is available , we have plans to produce at least two new projects , beginning in 2025 , subject to receiving fuel purchase agreements now being negotiated .”
Despite the challenges and delays , the hard work put in by Dave and his team is paying off . At the time of writing , after three years of waiting , the final term sheet for the $ 15 million FEL2 funding has been delivered and is fully executed . “ The investment will undergo rigid compliance reviews by all parties as our partner Delta Air Lines is a Public Company .”
Dave ’ s continuing enthusiasm and passion for this project is evident as our conversation progresses , and he ’ s keen to highlight the potential of future SAF refineries . “ We know the market is there - for instance , over three billion gallons per year will soon be required , to meet the mandates of the US and world governments in this and the next decade . If you turn that into projects , we need hundreds of projects the size of ours , which is one of the largest in the country , to meet the capacity by 2030 .”
Community development
However , Dave and his incredible SME team at NWABF have realistic expectations and are not focused on global domination . “ We are intent on being a major provider of SAF in the PNW , not around the world ,” Dave agrees . “ We are satisfied that if we can build three to five successful projects , with each project costing between $ 2 billion and $ 3.5 billion , we can be a multi-billion-dollar company in around five years . We have already located multiple additional sites on the Columbia River that allow access from barge , rail and by truck . These locations , previously operated as industrial facilities , offer enough acreage and infrastructure to develop more SAF projects in the region .
“ While there are opportunities nationwide for our company ( we were asked to consider developing projects in the Midwest , Southeast and Northeast ) we are clearly focused on one thing , becoming the leader in SAF in the PNW . We can see the potential in this project , and we intend to share our success by doing as much good as we can for the Native American tribes as well as the surrounding communities close to the project sites in the PNW .”
Working with Native American Tribes is especially important for Dave , given his own Native American heritage . “ We have huge aspirations to work with the Tribes in Washington State to improve the quality of life , where needed , for the elderly and for our Native American Veterans ( Dave is a Veteran , having served in the Army during Vietnam )
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