Avation PLC (LSE:AVAP), the commercial passenger aircraft leasing company, said it established a low carbon transition pathway for its ATR orderbook to “sustain future growth”.
In a statement, London-listed Avation said more than half of its fleet already comprises ATR 72 aircraft and that its orderbook has two ATR 72-600 aircraft to be delivered in 2024, as well as 28 purchase rights.
ATR is a Franco-Italian aircraft manufacturer, which specifically dominates the regional turboprop aircraft market. A turboprop is a turbine engine that drives a propeller, with the ATR turboprop aircrafts emitting up to 40% less versus comparable regional jets, Avation said.
ATR 72-600 aircraft are certified by the European Union Aviation Safety Agency for the use of up to 50% sustainable aviation fuel (SAF).
Avation believes that the rising fuel prices will increase demand for planes and engines which are more sustainable.
ATR recently announced the introduction of a new aircraft that is expected to have 20% lower maintenance costs, 3% lower fuel consumption and 5% more power compared to the existing engine variant, Avation noted.
Furthermore, the manufacturer of the engine for the aircraft, Pratt and Whitney Canada, expects the engine will be certified to operate with 100% SAF by 2025, with CO2 net emissions cut by 80% as a result.
Avation said future orders from ATR will include this new engine, or any subsequent variants.
“Being a longstanding customer of ATR, Avation is extremely pleased with ATR's plan for technological developments of its aircraft which target close to net zero CO2 emissions and increased usage of SAFs,” said executive chairman Jeff Chatfield.
“We remain supportive of further developments in efficiency and reductions in CO2 emissions, from which we stand to benefit through our ATR orderbook.”