Syntholene Energy Corp Opens the Market on TSX Venture Exchange, Signs Expression of Interest with Icelandair for 250 Million Liters of eSAF
Overview
Syntholene Energy Corp celebrated its new listing on TSX Venture Exchange with a market open ceremony on January 21, 2026. CEO Dan Sutton and the executive management team joined Robert Peterman, Chief Commercial Officer of the Toronto Stock Exchange, to open the market and mark the Company's listing milestone.
Coinciding with this celebration, the company announced it has signed a non-binding Expression of Interest (EOI) with Icelandair, Iceland's leading hub carrier. According to the press release, the Agreement outlines Icelandair's interest in purchasing 20,000 tonnes (approximately 25,000,000 liters) of synthetic sustainable aviation fuel (eSAF) annually over 10 years, contingent upon upscaled production and competitive pricing.
The company stated that this EOI represents a commercial validation for Syntholene and its opportunity to meet the European Union's commitment to decrease aviation emissions, showcasing the demand for its low-cost eSAF and its ability to deliver scalable, sustainable fuel solutions.
Key Highlights
- Company celebrated TSX Venture Exchange listing with market open ceremony on January 21, 2026. Check out the video here.
- Non-binding Expression of Interest signed with Icelandair for the potential purchase of approximately 250 million liters of eSAF over 10 years
- Annual volume target of 20,000 tonnes (approximately 25,000,000 liters) of synthetic sustainable aviation fuel
- Agreement is contingent on upscaled production and competitive pricing
- Pricing has not been established and would be subject to further negotiation and execution of a definitive fuel purchase agreement
- Syntholene has secured 20MW of dedicated energy in Iceland to support the company's demonstration facility and commercial scale-up
Strategic Context
Icelandair CEO Bogi Nils Bogason stated that the transition to sustainable aviation fuel will only happen if production is scaled up and competitive pricing is ensured. The airline operates an extensive route network, leveraging Iceland's unique geographical position as a hub midway between Europe and North America.
Syntholene CEO Dan Sutton stated, according to the press release, that Iceland is one of the company's key regions as they work with leaders across their energy sector to deliver local production of synthetic fuels for domestic and future export markets. With eSAF mandates accelerating in pivotal markets such as the EU Economic Zone and UK, partnerships like this are key to meeting rising demand, he noted.
Market Context
- EU eSAF mandates require 1.3% eSAF consumption in 2030, escalating to 10% by 2040 and 35% by 2050
- The EU has announced an eSAF subsidy of up to €6 per liter for airlines who purchase eSAF
- European Union Aviation Safety Agency reference eSAF pricing averages €7,695 (US$9,065) per tonne, or €6.16 (US$7.26) per liter
- According to S&P Global, more than 60 airlines have set specific SAF targets for 2030
What to Watch Next
- Progress on Syntholene's Iceland demonstration facility powered by the 20MW geothermal energy agreement
- Potential conversion of the non-binding EOI into a definitive fuel purchase agreement
- Further updates on commercial scale-up and pricing negotiations
About Syntholene Energy Corp
Syntholene Energy is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel (eSAF), which enables superior energy density and thrust-by-weight over biofuel and fossil fuel equivalents, and is manufactured at 70% lower cost than the nearest competing technology today. The Company's mission is to deliver the world's first truly high-performance, low-cost, and carbon-neutral eFuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.
ArcStone Financial Pulse Team
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