Amsterdam’s SkyNRG secures €175M to fuel sustainable aviation fuel growth

Macquarie Asset Management (MAM), a financial services organisation, has committed to invest up to €175M in Amsterdam’s SkyNRG through the Macquarie GIG Energy Transition Solutions (MGETS) Fund, fostering the growth of Sustainable Aviation Fuels (SAF).

MAM’s Green Investments team will lead a new investment supporting SkyNRG’s growth and its goal to become a major Sustainable Aviation Fuels (SAF) producer.

Mark Dooley, Global Head of MAM Green Investments says, “We have a track record for backing businesses working at the forefront of the energy transition. This is an exciting milestone for us, as our first SAF investment.”

“SkyNRG has been a pioneer in SAF, with an entrepreneurial spirit and a strong commercial focus. We look forward to collaborating with the SkyNRG team as they grow their business and advance solutions to decarbonise the aviation industry.”

Capital utilisation

SkyNRG will use the money to develop and operate SAF production facilities, with plans to establish dedicated facilities in Europe and the US by 2030. 

The Amsterdam-based company has also secured partnerships with major organisations like KLM Royal Dutch Airlines and Boeing, with long-term commitments of up to €4B in SAF purchases.

Philippe Lacamp, CEO of SkyNRG says, “It is critical that SAF production capacity is developed now to enable the aviation industry to meet its net-zero goals.”

“We are very proud that Macquarie has made this strategic investment in our business and are confident that they, with the ongoing support of our existing shareholders, will provide us with the resources and expertise we need to accelerate our growth journey towards becoming a major player in the SAF industry.”

“Fueling a new era of progress in aviation”

Founded over 14 years ago by Theye Veen and Maarten Van Dijk, SkyNRG aims to scale up SAF demand and production capacity to support the aviation industry’s 2050 net-zero commitment.

The company was the first to supply SAF on a commercial flight in 2011. Having supplied SAF to over 40 airlines globally, the company is now developing dedicated production facilities to facilitate the transition from fossil jet fuel to sustainable alternatives. 

According to SkyNRG, the SAF industry is experiencing positive momentum due to corporate commitments to net-zero targets and increasing political and regulatory support. 

Initiatives like the European blending mandate (ReFuelEU) and the Biden Administration’s SAF Grand Challenge, along with the Inflation Reduction Act in the US providing tax incentives, are driving this growth.

SkyNRG predicts that by 2050, these incentives could generate up to €650B in investments, accelerating the aviation industry’s shift away from fossil jet fuels.

Decarbonising aviation industry

The aviation industry, responsible for 2.5 per cent of global CO2 emissions, is pursuing decarbonisation through Sustainable Aviation Fuel (SAF), derived from renewable sources and substitutable or blendable with traditional jet fuel. 

SkyNRG’s Life Cycle Analysis reveals a minimum 75 per cent emissions reduction in jets using their SAF compared to fossil jet fuel over its lifespan. 

To further address emissions, SkyNRG offers the Fly On SAF online platform, allowing customers to calculate and offset their flight emissions by purchasing SAF, contributing to environmental sustainability in air travel.

Brief about Macquarie Asset Management

Macquarie Asset Management, a global leader managing approximately €543B in assets, specialises in infrastructure, green investments, real estate, agriculture, asset finance, private credit, equities, fixed income, and multi-asset solutions. 

As part of Macquarie Group, founded in 1969, the financial group employs over 21,000 people in 34 markets, offering asset management, finance, banking, advisory, and risk and capital solutions across various sectors.