Mentioned:
A publicly traded synthetic fuel company has just raised a new financing round. And they’re aiming to change the future of sustainable aviation fuel.
What’s happening:
- Syntholene Energy (TSXV: ESAF) has successfully raised $3.75M CAD in a new equity financing round
By the numbers:
- Syntholene Energy issued roughly 8.3M common shares at a price $0.45 CAD per share as part of the new funding round
Why it matters:
- Syntholene Energy has developed new leading edge technology for synthetic jet fuel production known as their Hybrid Thermal Production System that uses combined heat and electricity to produce synthetic fuel at a 70% lower cost than other competing technologies
Going deeper:
- Syntholene Energy has secured 20 megawatts of dedicated energy to support the upcoming deployment of their first ever demonstration facility located in Iceland
- Icelandair and Syntholene Energy previously made waves when they struck a new expression of interest deal in which Syntholene Energy would supply Icelandair with 20,000 tonnes of synthetic sustainable aviation fuel
