SAF One

What SAF One does

SAF One Energy Management Limited is a Dubai-based (DIFC-registered), privately-held sustainable aviation fuel project developer co-founded in May 2023 by Novus Aviation Capital and Sencirc Holding Limited. The company develops, builds, owns, and operates modular SAF production facilities targeting approximately 45,000 tonnes of Synthetic Paraffinic Kerosene (SPK) per plant per year under a 'design one, build many' replicable construction strategy. Its flagship Bahrain facility is targeted for first production in Q4 2028, with additional plants planned in India (with GPS Renewables), Vietnam (with Vietjet), and the UAE.

SAF One's core technology is the HEFA (Hydroprocessed Esters and Fatty Acids) pathway using Honeywell UOP's Ecofining process (co-developed with Eni S.p.A.) to convert waste fats, oils, and greases — including used cooking oil — into ASTM D7566-compliant SAF with stated lifecycle CO2e reductions of 70-80% versus conventional jet fuel. The company is pathway-agnostic and is also exploring alcohol-to-jet and power-to-liquid options. Backward integration into feedstock supply was achieved via the January 2025 acquisition of Green Biotrade FZCO, a UAE-based feedstock and biofuels trading company.

SAF One operates a B2B enterprise sales model, generating future revenue through long-term (typically 10-year) binding offtake agreements with airlines and fuel traders — DHL Express (250,000 metric tons total from 2028) and Trafigura are named anchor customers — and through Green Biotrade's feedstock trading activities. The company is currently pre-revenue on its core SAF offtake stream, with first deliveries targeted from 2028. Capital backing of approximately $208 million in aggregate has been assembled via the SAFFA Fund (managed by Burnham Sterling Asset Management) from eight industry co-investors including Airbus, Air France-KLM, BNP Paribas, CMA-CGM, Mitsubishi HC Capital, and Qantas Airways. The operating team is lean (fewer than 10 core members) and is supplemented by expertise from Novus Aviation Capital and external EPC and technology partners (Tata Projects, Honeywell UOP, Kent).

Name

SAF One

Legal name

SAF One Energy Management Ltd

Website

https://saf-one.co

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

SAF One is a Dubai-based, DIFC-registered developer that builds and operates modular HEFA-based sustainable aviation fuel plants, currently developing a flagship 45,000-tonne-per-year facility in Bahrain with first SAF deliveries targeted for Q4 2028 under long-term offtake agreements with airlines and fuel traders.

Ownership category

akta.pro rank

Product category

Sustainable Aviation Fuel Production

NAICS

Fats and Oils Refining and Blending (311225), Soybean and Other Oilseed Processing (311224)

akta.pro primary industry

Renewable Diesel (HVO/HEFA) Production (EUAAAHAD)

akta.pro secondary industries

Biofuel Distribution & Fuel Marketing (Wholesale/Retail) (EUAAAHAI), Biofuel Upgrading, Hydrotreating & Refining (Co-processing, Isomerization) (EUAAAHAG)

Keywords

• Sustainable aviation fuel
• SAF production
• Biofuel facilities
• HEFA pathway
• Aviation decarbonization

Headquarters

HQ city

Dubai

HQ country

United Arab Emirates

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Supply Chain, Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. SAF Production & Sales (Offtake Agreements): SAF One develops, builds, owns and operates SAF production facilities. Revenue is generated by selling SPK (Synthetic Paraffinic Kerosene) produced at its plants to offtakers (airlines, fuel suppliers/distributors) under long-term binding agreements, with first deliveries targeted from 2028 at the Bahrain facility. Customers include DHL Express (10-year, 250,000 metric tons total) and Trafigura (long-term binding offtake).
2. Green Biotrade Feedstock Trading: Following the acquisition of Green Biotrade (a UAE-based feedstock and biofuels trading company), SAF One generates revenue from trading feedstock materials (used cooking oil, waste oils, fats, greases) used in SAF production, strengthening the supply chain and securing critical feedstock for internal and external customers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

SAF One develops, builds, owns, and operates sustainable aviation fuel (SAF) production plants, primarily using the HEFA (Hydroprocessed Esters and Fatty Acids) pathway to convert waste oils, used cooking oil, fats, and greases into Synthetic Paraffinic Kerosene (SPK). The company sells unblended SAF to airlines, cargo operators, and fuel trading companies under long-term binding offtake agreements, with each plant targeting approximately 45,000 tonnes of SAF per year. It also operates a feedstock trading business (via Green Biotrade) supplying biomass inputs to its own plants and external customers.

Differentiator

Problem solved

Functional benefit

Products and services

• Sustainable Aviation Fuel (Synthetic Paraffinic Kerosene / SPK)
• SAF Production Facility Development (Design One, Build Many)
• Feedstock Trading (Green Biotrade)

Quantifiable outcome

• 70-80% lifecycle CO2 reduction vs. conventional jet fuel
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Twelve partnerships are on record, tiered core, flagship, minor, strategic and supporting.

• TrafiguracoreStrategic or Co-development Partner · 20 May 2026SAF One signed a binding long-term offtake agreement with global commodities leader Trafigura for SAF supply from the Bahrain facility, with first deliveries targeted in 2028. Trafigura acts as an offtaker and distributor, diversifying its low-carbon fuels supply and supporting aviation customers' compliance with SAF mandates in the EU, UK, and other markets.
• DHL ExpressflagshipStrategic or Co-development Partner · 12 May 2026DHL Express signed a 10-year offtake agreement with SAF One to purchase 25,000 metric tons of unblended SAF annually (250,000 metric tons total) from SAF One's Bahrain production facility, starting in 2028. This is DHL Express's first SAF offtake agreement in the Middle East. The fuel supports DHL's goal to increase SAF use to 30% by 2030 and will be distributed via a book and claim model under DHL's GoGreen Plus program.
• Honeywell UOPflagshipTechnology or Integration · 27 January 2026Honeywell UOP provides its Ecofining process technology (developed with Eni S.p.A.) to SAF One for converting waste fats, oils, and greases into renewable diesel and SAF. The technology is capital- and cost-efficient with broad feedstock flexibility, and is a core component of SAF One's HEFA-based SAF production. Honeywell and Tata Projects jointly optimize the technology configuration for SAF One's global deployment.
• Tata Projects LimitedflagshipImplementation/ SI/ Consulting Partner · 20 January 2026Tata Projects (Tata Group's engineering and construction arm) has been selected as the EPC partner for SAF One's HEFA-based SAF project in the Middle East, with the option to develop a similar facility in India. Tata Projects will deliver an integrated, scalable solution using standardized designs, advanced modular construction methodologies, and execution strategies aligned with SAF One's 'design one, build many' approach.
• Asia Sustainable Aviation Fuel Association (ASAFA)minorOthers · 26 February 2025SAF One joined ASAFA as its newest member to collaborate with industry leaders, innovators, and policymakers in the Asia region to accelerate SAF ecosystem development and tackle climate change.
• AirbusstrategicStrategic or Co-development Partner · 11 February 2025SAF One and Airbus signed an MoU to collaborate on promoting SAF adoption across the aviation industry. The partnership focuses on joint advocacy initiatives to advance SAF adoption in the UAE and globally, combining SAF One's SAF production capabilities with Airbus's position as a major aircraft OEM to drive demand-side and supply-side SAF market development.
• Green BiotradecoreStrategic or Co-development Partner · 13 January 2025SAF One acquired Green Biotrade, a UAE-based feedstock and biofuels trading company. The acquisition strengthens SAF One's supply chain capabilities, secures critical biomass feedstock for SAF production, and integrates Green Biotrade's trading expertise and robust feedstock network into the SAF One platform. Green Biotrade's CEO Hani Samsam joined SAF One as EVP & Head of Feedstock Management and Trading.
• Air Transport Action Group (ATAG)minorOthers · 5 October 2024SAF One joined ATAG, a global association bringing together airlines, airports, aircraft and engine manufacturers, and SAF companies to promote sustainable aviation practices. ATAG fosters collaboration among industry stakeholders to progress aviation's sustainable development and net-zero transition by 2050.
• GPS RenewablescoreStrategic or Co-development Partner · 22 May 2024SAF One partnered with GPS Renewables to co-develop a 20-30 million liters per year SAF facility in India using lignocellulosic waste feedstock. GPS Renewables brings project platform capabilities (ARYA) and extensive green energy experience in India, complementing SAF One's global SAF development strategy. India is formulating a SAF mandate (1-5% blended usage from 2027).
• KentcoreImplementation/ SI/ Consulting Partner · 22 February 2024SAF One appointed Kent, a world-renowned engineering firm, to carry out a technology licensing review for its first Synthetic Paraffinic Kerosene (SPK) production plant. Kent's process optimization experience in technology integration and project management is being used to fast-track development and commercialization of SAF, evaluating available processes and technologies to ensure safe, efficient, reliable, and bankable projects.
• VietjetstrategicStrategic or Co-development Partner · 4 December 2023SAF One and Vietjet signed an MoU to develop, supply, and use SAF in Vietnam. The agreement was signed in the presence of Vietnamese Prime Minister Pham Minh Chinh during his official trip to COP28 in Dubai. Vietjet becomes a pioneering airline in Vietnam engaging in SAF research, development, and utilization.
• BAPCO Energies and Bahrain Economic Development BoardsupportingOthersStakeholders in Bahrain who have actively supported SAF One's project, including BAPCO Energies and the Bahrain Economic Development Board. SAF One's Bahrain facility represents the first SAF production plant in the Middle East.

Scale indicators4 records

Recent moves7 records

Expansion highlights7 records

Emerging players

• SunFire: Germany-based electrolyzer and e-fuels company producing power-to-liquid SAF via co-electrolysis. Comparable to SAF One's PtL pathway exploration and represents a direct peer in the emerging e-SAF segment of the market.
• HIF Global: Chile/US-based e-fuels company developing power-to-liquid (PtL) SAF using green hydrogen and captured CO2. Comparable as an emerging global SAF platform pursuing multiple geographies (Chile, Texas, Uruguay), aligned with SAF One's pathway-agnostic and multi-region build-out strategy.

Direct peers

• Aemetis: California-based renewable fuels company producing renewable diesel and planning SAF production via HEFA pathway at its Riverbank facility. Closely comparable to SAF One in HEFA tech choice, multi-site build strategy, and reliance on capital markets to fund plant construction.
• SkyNRG: Netherlands-based pure-play SAF company focused on developing, financing, and supplying SAF to airlines and corporates. Operates a 'book and claim' model similar to SAF One and has secured long-term corporate offtake agreements, making it a direct strategic comparable.
• Fulcrum BioEnergy: US-based waste-to-jet fuel producer using municipal solid waste (MSW) feedstock via Fischer-Tropsch pathway. Founded in 2007 with focus on first-of-kind SAF plants — comparable to SAF One's first-of-kind Middle East build-out, though feedstock and pathway differ.
• Gevo: Colorado-based renewable fuels company developing alcohol-to-jet (ATJ) SAF from low-carbon ethanol. Listed on NASDAQ; comparable to SAF One as a publicly-traded pathway-specific SAF developer with secured offtake agreements and capital-intensive plant projects underway.
• Velocys: UK-based small-scale gas-to-liquids (FT) technology provider focused on municipal waste and biomass conversion to SAF. Comparable niche player targeting distributed smaller-scale SAF plants, in contrast to SAF One's mid-scale HEFA modular approach.
• World Energy: Pioneer commercial SAF producer based in Paramount, California, supplying long-term offtake to airlines including DHL and JetBlue. Operates one of the longest-running HEFA SAF plants globally, making it a closely comparable mid-scale SAF developer with established airline offtake contracts.
• Neste: World's largest producer of renewable diesel and SAF from waste and residue feedstocks using the NEXBTL process (comparable HEFA pathway). Operates multi-billion-dollar capacity in Singapore, Rotterdam, and Porvoo — the established benchmark SAF One competes against in HEFA-based supply.

Broad incumbents

• Eni: Italian integrated energy major and co-developer (with Honeywell UOP) of the Ecofining process technology that SAF One licenses. Operates renewable diesel and SAF production at its Venice and Gela biorefineries. Closely comparable not as a direct competitor at the project level but as the upstream technology and feedstock incumbent in the HEFA value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SAF One