On May 30, 2025, Amsterdam-based sustainable aviation fuel (SAF) provider SkyNRG raised €300 million ($340M USD) to develop SAF production facilities in the Netherlands, Sweden, and the U.S. The round, led by a €250 million investment from APG on behalf of Dutch pension fund ABP, with €50 million from Macquarie Asset Management (MAM), builds on MAM’s 2023 €175M commitment. SkyNRG, which supplied the first SAF-powered commercial flight with KLM in 2011, aims to scale capacity to support aviation’s 2050 net-zero goal, reducing emissions by up to 80% vs. fossil jet fuel. With SAF demand projected to hit 250 Mt by 2050, can SkyNRG drive aviation decarbonization, or will feedstock and cost barriers hinder progress?

Investment and Expansion Details

• Funding Allocation: €300M will fund SAF plants in Delfzijl, Netherlands (120,000 t/yr HEFA-SAF by 2028), Sweden’s SkyKraft (100,000 t/yr e-SAF), and the U.S.’s Wigeon (150,000 t/yr SAF and renewable diesel), plus R&D and advisory services.

• Production Goals: Targets 370,000 t/yr by 2030, covering 0.5% of global jet fuel demand (800 Mt), with partners like Shell, Boeing, and Microsoft.

• SAF Technology: Uses waste oils, syngas, and biogenic CO2, certified by RSB and CORSIA, ensuring sustainability and 80% emissions cuts.

• Market Signal: €4B in offtake agreements with airlines and corporates validates dedicated SAF facilities, per CEO Maarten van Dijk.

APG’s Arjan Reinders said, “SkyNRG aligns with our energy transition ambitions.”

MAM’s Kate Vidgen added, “It tackles aviation’s hard-to-abate emissions.”

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SkyNRG’s Role in Aviation Decarbonization

Since 2009, SkyNRG has supplied SAF to 50+ airlines, serving 130+ customers globally. Its shift to production addresses aviation’s 2.5% of global CO2 (1 Gt in 2024), with:

• ReFuelEU Mandates: 6% SAF blend by 2030, 70% by 2050, driving €10B in European investments.

• U.S. Incentives: $1.7B in tax credits under the Inflation Reduction Act boosts Wigeon’s viability.

• Commercial Programs: Board Now and SAF Fund engage corporates, covering 20% of SkyNRG’s supply.

Strategic Context

Aligns with climate initiatives:

• IFRS S2 Disclosures: SAF cuts Scope 3 emissions, aiding transparency.

• Aptera-Inmotive Deal: Efficient transport complements SAF’s emissions reductions.

• Meta’s Carbon Credits: Nature-based solutions parallel SAF’s sustainability focus.

• Swiss Glacier Collapse: Aviation’s CO2 share underscores SAF’s urgency amid 1.5°C warming.

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Challenges and Risks

• Feedstock Limits: Waste oils and biomass meet only 10% of 2030 SAF needs, per SkyNRG, with competition from biodiesel.

• High Costs: SAF at $1,886/t (May 2025) is 2-3x fossil jet fuel, potentially adding $100/ticket.

• Scale: 500-800 new facilities needed by 2050 require $40B/year, vs. $500B oil capex in 2019.

• Policy Risks: U.S. deregulation (e.g., $1.5B Army Corps cuts) could weaken SAF incentives, impacting 30% of global capacity.

What’s Next?

SkyNRG aims for 370,000 t/yr by 2030, with a 2026 Delfzijl expansion study adding 50,000 t/yr ($200M). ReFuelEU’s 2030 mandate could unlock €10B in SAF investments, per Airlines for Europe. Global SAF markets may reach $1T by 2050. A $100M R&D fund, planned for 2026, will explore green hydrogen-based e-SAF.

“This investment accelerates net-zero aviation,” said van Dijk.

With aviation emissions projected to double by 2050 without action, SkyNRG’s expansion is pivotal. Will it overcome supply constraints, or face scalability challenges?

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