Coval Energy and the EIC Accelerator: Jet Fuel Feedstock From CO2

Coval Energy, a Dutch clean-tech company founded in 2015, has developed a patented electrochemical process that turns CO2, water and renewable electricity into potassium formate and formic acid. A linked company, GAFT (Green Air Fuel Technology), which lists the same office, ferments such acids, or cheap crude glycerine from biodiesel production, into fatty acids that can be refined into sustainable aviation fuel through the established HEFA route. The EIC selected Coval Energy in its January 2023 cut-off for GAFT, "Production of High-quality Fatty Acids Feedstock for use in SAF Production", a €4.03 million project that ran from July 2023 to July 2025, according to CORDIS. The grant agreement was signed by GAFT BV of Maastricht, which received €2.30 million; Coval Energy received €199,712 as a third party.

The project is closed. Its final report states that both the fermentation process and the CO2 electrolyser reached technology readiness levels 7-8, that biomass and lipid yields doubled, that the electrolyser was tested at three European pilot sites, and that "engineering work with an EPC contractor and a first customer is underway to design a first-of-a-kind (FOAK) commercial plant", according to the CORDIS reporting page. GAFT's website says it is "currently raising a Series A round".

Where Coval and GAFT Stand Now

In October 2024 GAFT signed an agreement with Singapore's Temasek Foundation for €750,000 as one of two winners of The Liveability Challenge 2024, to produce formic acid in Europe and ship it to Singapore for fermentation, according to Biofuels International. Both the GAFT and Coval Energy websites list the same Delft address and the same contact email address at sinko-consultants.com. Neither has announced a plant, a signed offtake contract or a closed equity round.

The Technology: Oils Without Crops

All sustainable aviation fuel produced in 2023 came from the HEFA process, which needs fats and oils such as used cooking oil, Biofuels International reports. GAFT's non-GMO microorganism turns glycerol, organic acids or sugars into triglycerides for that process, and Coval's electrolyser makes the organic acids from CO2 and renewable power. The final report says the electrolyser's current density and efficiency doubled during the project, quadrupling output, and that crude glycerine was chosen as the first feedstock because it is a cheap by-product.

What the EIC Award Promised, and What the Record Shows

The award promised two process innovations for aviation fuel feedstock. The final report describes both as demonstrated at pilot scale and ready for industrial design, which matches the goal. The results are the company's own; no independent test data or peer-reviewed paper has been published, and the first plant exists only as an engineering study.

1. Fatty acid bioprocessDeliveredPilot scale, per report.
2. CO2 electrolyserDeliveredThree pilot sites, per report.
3. First commercial plantDesign stageFOAK engineering begun.
4. Private investmentUnverifiedSeries A still open.

The Money

GAFT has won grants from the EIC and Temasek Foundation and says it has "been awarded several Dutch and European grants". It has not announced any equity investment. Neither company's revenue or losses could be checked from free sources.

What Cannot Be Checked

Why Europe Should Care

Biofuels International reports that 80% of the EU's used cooking oil is imported from Asia. A European route to HEFA feedstock from waste and CO2 would reduce that dependence. The EIC funded the pilots; building the plant needs private capital that has not yet appeared.

The Verdict

Coval Energy, GAFT and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.