Sustainable aviation fuel (SAF) provider SkyNRG has announced a new investment round, raising up to €300 million (£260 million), with the funds directed at expanding its platform through new SAF production facilities in Europe and the United States.
The funding round includes an investment of up to €250 million from global pension asset manager APG on behalf of Dutch pension fund ABP, alongside approximately €50 million from returning investor Macquarie Asset Management (MAM).
Arjan Reinders, Head of Infrastructure Europe at APG, stated:
“SkyNRG is a frontrunner in the SAF market, demonstrating an entrepreneurial spirit and a strong commercial focus. SkyNRG represents the first investment in the SAF sector on behalf of our client, which is closely aligned with our ambition to create impact by investing at the forefront in energy transition assets that meet our investment criteria.”
Founded in 2009 and based in Amsterdam, SkyNRG aims to increase SAF capacity to aid the aviation sector in achieving its 2050 net-zero commitment. The company was the first globally to supply SAF for a commercial flight, undertaken by co-founder and shareholder KLM in 2011. To date, SkyNRG has provided SAF to over 50 airlines worldwide.
Initially, SkyNRG focused on the sourcing, blending, and distribution of SAF to airlines, alongside forming partnerships to boost global SAF supply and production. Following a €175 million investment by Macquarie in 2023, the company transitioned to become a major SAF producer by developing and operating SAF production facilities. SkyNRG’s platform now encompasses a range of capacity development projects, R&D activities, advisory services, and commercial innovative customer programmes.
Maarten van Dijk, CEO and Co-founder of SkyNRG, commented:
“APG joining SkyNRG is a significant step forward for SkyNRG in terms of our growth plans and ambition to become a SAF producer. The investment from APG, along with MAM’s existing equity commitment, will not only support SkyNRG as a company but also demonstrates that the SAF market is ready for facilities dedicated solely to SAF production. By bringing together actors from across the industry including OEMs, technology providers, corporates, and airlines, we are helping pave the way for global Sustainable Aviation Fuel adoption.”
The company stated that the new capital will be utilised to advance plans for the development and construction of SAF production facilities in the Netherlands, Sweden, and the United States.
Kate Vidgen, Chair of the Board of SkyNRG and Operating Partner at MAM, added:
“The aviation industry continues to be one of the hardest sectors to decarbonise, and meeting the demand for sustainable aviation fuel remains a key challenge. Macquarie has been an investor in SkyNRG since 2023, during which time SkyNRG has continued to lead in its approach to addressing this globally significant issue. We are delighted to welcome this additional investment from APG and to work alongside them and the SkyNRG management team to grow the business and support the decarbonisation of the industry together.”
