Sustainable aviation fuel (SAF) provider SkyNRG announced today a new investment round, raising up to €300 million (USD$340 million), with proceeds aimed at growing its platform with new SAF production facilities across Europe and the U.S.

The funding round included an investment of up to €250 million from global pension asset manager APG on behalf of Dutch pension fund APB, and approximately €50 million from returning investor Macquarie Asset Management (MAM).

Arjan Reinders, Head of Infrastructure Europe at APG, said:

“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, Amsterdam-based SkyNRG aims to build up SAF capacity to help enable the aviation sector to meet its 2050 net zero commitment. The company was the first in the world to supply SAF on a commercial flight flown by co-founder and shareholder KLM in 2011. To date, SkyNRG has supplied SAF to more than 50 airlines globally.

SkyNRG focused initially on sourcing, blending and distributing SAF to airlines, and creating partnerships aimed at increasing the supply and production of SAF globally. Following a €175 million investment by Macquarie in 2023, the company shifted to become a major SAF producer through the development and operation of SAF production facilities. SkyNRG’s platform now includes a portfolio of capacity development projects, R&D activities, advisory services, and a range of commercial innovative customer programs.

Maarten van Dijk, CEO and Co-founder of SkyNRG, said:

“APG joining SkyNRG is a major step forward for SkyNRG, both 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 the production of SAF. 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 said that the new capital will be used to advance its plans to develop and construct SAF production facilities in the Netherlands, Sweden and the U.S.

Kate Vidgen, Chair of the Board of SkyNRG and Operating Partner at MAM, added:

“The aviation industry continues to be a one of the hardest to abate sectors, and meeting the demand for sustainable aviation fuel continues to be a key challenge. Macquarie has been an investor in SkyNRG since 2023, during which time SkyNRG has continued to be a frontrunner in its approach to tackling this globally important problem.  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.”