With a large portion of the ‘Build Back Better’ agenda from the Biden Administration encompassing the Green New Deal, Sustainable Aviation Fuel (SAF) is an industry primed to explode in the coming years. Viking Energy Group (OTCMKTS: VKIN) has strategically aligned itself to capture a large portion of the industry’s market share.
VKIN provides custom power and energy solutions to commercial and industrial clients in North America, and they recently made tremendous strides in the biofuel niche by closing a substantial production facility deal at the end of last year. By acquiring 100% interest in a group of companies and propelling a three-phase revamp of an existing well system to produce pure biofuel, Viking Energy estimates they will produce approximately 43,000,000 gallons of biofuel each year.
According to MarketsandMarkets, the sustainable aviation fuel (SAF) market size is projected to grow from an estimated USD $66 million in 2020 to [a staggering] USD $15.307 billion by 2030. As a result, the Aviation Industry has enacted The Bioenergy Technologies Office (BETO) in association with the U.S. Department of Energy (DoE) to support advances in SAF. Clearly, Bio-jet-fuel or SAF has incredible growth potential, even after the initial industry disruptions caused by the COVID-19 pandemic.
In September of last year, the Biden Administration made a pivotal announcement impacting SAF providers like VKIN. Essentially the announcement informed the industry that an incentivizing tax credit was implemented into the Build Back Better agenda. The release states this credit will help cut costs and rapidly scale domestic production of sustainable fuels for aviation. This announcement lands a huge victory for Viking Energy as they are poised to capitalize in jumbo jet proportions from the White House’s SAF tax credit program. To ensure the renewable-jet-fuel tanks get properly topped off, the White House also made the announcement that, “New and ongoing funding opportunities to support sustainable aviation fuel projects and fuel producers totaling up to $4.3 billion” are also available to companies like VKIN who are poised to bring renewable aviation fuel dreams to reality.
And just when it seemed affairs for the sustainable aviation fuel industry couldn’t fly any higher, the White House made a closing announcement set to potentially launch Viking Energy group into the stratosphere:
“Today the Department of Energy (DOE), Department of Transportation (DOT) and U.S. Department of Agriculture (USDA) are launching a government-wide Sustainable Aviation Fuel Grand Challenge to meet the demand for sustainable aviation fuels by working with stakeholders to reduce costs, enhance sustainability, and expand production and use of sustainable aviation fuels (SAF)….”
The good news continues to pile up for Viking Energy and their pursuit to be forerunners in the U.S. Biofuel industry as some of the latest research from energy.gov estimates roughly 1 billion dry tons of biomass (the crop at the heart of renewable fuel production) can be collected each year in the United States. Experts in the industry claim this is enough to produce 50-60 billion gallons of biofuels and Viking Energy Group is at the leading edge of this industry, turning up their production full throttle, and clearly on the verge of ascending into sustainable biofuel industry market share paradise.
Read more about how VKIN’s latest news puts them in a position to be one of the biggest beneficiaries in this policy change: