Syntholene Energy Corp Secures Expression of Interest from Icelandair for 250 Million Liters of Synthetic Sustainable Aviation Fuel (eSAF) Over 10 Years

Executive Summary

• Syntholene Energy Corp. announced a non‑binding expression of interest from Icelandair to purchase up to 20,000 tonnes (~25 million L) of synthetic sustainable aviation fuel per year for 10 years, contingent on scaled‑up production and competitive pricing.
• The EOI provides commercial validation of Syntholene’s low‑cost eSAF technology and signals potential long‑term revenue stream tied to EU SAF mandates and subsidies.
• Pricing terms have not been set; a definitive fuel purchase agreement would be required to finalize the transaction.

Key Details

• Quantity & Term: Up to 20,000 tonnes (≈25 million L) of eSAF annually for a 10‑year period.
• Condition: Purchase dependent on Syntholene achieving upscaled production capacity and offering competitive pricing.
• Pricing: No price established in the EOI; future terms to be negotiated in a definitive agreement.
• Strategic Context: Aligns with EU ReFuelEU Aviation regulations requiring increasing SAF blends (2 % in 2025 → 70 % by 2050) and EU subsidies of up to €6/L for eSAF purchases.
• Market Reference Pricing: EU published average eSAF price of €7,695/tonne (€6.16/L) in 2024 (EASA report).
• Potential Revenue Impact: If pricing approaches market reference, annual revenue could be roughly €154 M (20,000 t × €7,695/t), subject to final negotiated terms and subsidies.
• Company Positioning: Syntholene claims its production pathway can deliver eSAF at ~70 % lower cost than competing technologies, leveraging 20 MW of dedicated renewable energy in Iceland for a demonstration facility and future scale‑up.

Notable Quotes

“The transition to sustainable aviation fuel will only happen if production is scaled up and competitive pricing ensured,” – Bogi Nils Bogason, CEO, Icelandair.

“We are proud to be working with Icelandair to support its commitment to work towards sustainable development of aviation,” – Dan Sutton, CEO, Syntholene Energy Corp.