Syntholene Engages Imperial College of London Expert for Independent Technical Review of Operating Data from Iceland Demonstration Facility

Review to be led by Nigel Brandon, OBE, FREng, FRS, Dean of Imperial College London's Faculty of Engineering and Professor of Sustainable Development in Energy

Syntholene Energy Corp. (TSXV: ESAF,OTC:SYNTF) (OTCQB: SYNTF) (FSE: 3DD0) ("Syntholene" or the "Company") announced today that it has engaged researchers from Imperial College London, via Imperial Consultants, a wholly owned subsidiary of Imperial College London, to conduct an independent technical review of operating data from the Company's geothermal-integrated solid oxide electrolysis cell ("SOEC") demonstration facility in Húsavík, Iceland (the "Demonstration Facility").

The review will be undertaken by Dr. Nigel Brandon, OBE, FREng, FRS, Dean of the Faculty of Engineering and Professor of Sustainable Development in Energy at Imperial College London.

"Professor Brandon has been engaged to perform technical review on Syntholene's operating data from our Iceland Demo Facility. Syntholene will utilize this data to understand the extent to which The Company's unique Thermal Hybrid Architecture can support enhanced efficiencies and cost advantages," stated Dan Sutton, Chief Executive Officer of Syntholene. "Dr. Brandon brings deep experience in Solid Oxide Electrolyzer Cells, systems integration, and the commercialization of electrochemical systems. This engagement is intended to establish what efficiency gains Syntholene's operating data supports, and prepare us to move from technology demonstration to commercial project planning."

As announced on September 8, 2026, Syntholene has completed Phase One of its effects-testing program and initiated Phase Two high-power operations. The review conducted via Imperial Consultants' is intended to assess the performance of the integrated SOEC, Thermal Coupling Heat Exchanger, and balance of plant systems. High-power operating data is expected to be included in the review concurrently as it becomes available.

Scope of the Independent Technical Review

Dr. Brandon has been engaged to independently analyze operating data from Syntholene's Demonstration Facility and prepare a technical report addressing, among other things, electrical consumption per kilogram of hydrogen produced, projected commercial system efficiency including balance-of-plant electrical loads, operational stability, capacity factor, and variability. The review will also examine whether there is evidence of degradation in the SOEC stack and heat-exchange system over the available operating period, together with any other technically significant observations.

The report is also expected to address projections and modelling of how demonstrated performance may translate to a commercial-scale configuration.

Professor Nigel Brandon

Professor Brandon is the Dean of Imperial College London's Faculty of Engineering and Professor of Sustainable Development in Energy. He earned his engineering degree and PhD at Imperial and returned as an academic in 1998 following a 14-year research career with BP and Rolls-Royce. His work spans fuel cells, electrolysers and flow batteries, with a focus on the science, engineering and practical application of electrochemical energy technologies.

He co-founded Ceres Power, an Imperial spinout established in 2000 that develops solid oxide fuel cell and electrolyser technology, and previously served as its Chief Executive Officer, Chief Technology Officer and Chief Scientist. He also co-founded flow-battery company RFC Power and was the founding director of Imperial's Energy Futures Lab and Sustainable Gas Institute.

Professor Brandon is a Fellow of the Royal Society and the Royal Academy of Engineering, and an International Member of the U.S. National Academy of Engineering. His election to the U.S. academy recognized his contributions to solid oxide fuel cell science, engineering and commercialization. His honours include an OBE for services to UK-China science, the American Society of Mechanical Engineers' Francis Bacon Medal in 2014 and the Christian Friedrich Schönbein Gold Medal of Honour in 2024 for contributions to solid oxide technology.

Timing and Other Considerations

Syntholene anticipates receiving the final report before the end of 2026. Imperial Consultants will be paid a fixed cash fee in the amount of £27,500.00 for their services. Such fee is not success or contingency based and Imperial Consultants and Professor Brandon act independently of the Company.

Update Regarding Investor Relations Activity

Syntholene Energy further announced today that it has engaged various consultants to provide corporate marketing and communications support in accordance with Policy 3.4 of the TSX Venture Exchange (the "TSXV").

Euroswiss Capital Partners

Euroswiss Capital Partners Inc. ("Euroswiss") is an international consulting company based in Switzerland. Euroswiss will assist the Company with the development and dissemination of corporate information in Europe and serve as a strategic and financial consultant to the Company in Europe.

The Company has agreed to pay Euroswiss CAD$60,000 for a six-month engagement. Euroswiss operates independently. To the knowledge of the Company, neither Euroswiss nor its principals holds any securities of the Company other than 266,666 common shares and 133,333 common share purchase warrants held by an associated party of Euroswiss, nor do they any other rights to acquire securities of the Company except as may occur in the ordinary course of business. Euroswiss will not act as a broker-dealer and will not receive any compensation for introducing investors to the Company.

The Company acknowledges that certain activities to be undertaken by Euroswiss, including dissemination of corporate information, may be considered promotional in nature under applicable securities policies and may result in increased visibility of the Company's securities. The Company's agreement with Euroswiss does not include any provisions that would require or incentivize Euroswiss to achieve or maintain a specific share price or trading volume.

The engagement of Euroswiss remains subject to the acceptance of the TSXV, and services will not commence until such acceptance has been obtained.

Outside The Box Capital

Outside The Box Capital Inc. ("OTB") is a third-party marketing firm. OTB will assist the Company with the development and dissemination of corporate information.

The Company has agreed to pay OTB CAD$150,000 for a six-month engagement. OTB operates independently. To the knowledge of the Company, neither OTB nor its principals hold any securities of the Company, nor do they have any right to acquire such securities except as may occur in the ordinary course of business. OTB will not act as a broker-dealer and will not receive any compensation for introducing investors to the Company.

The Company acknowledges that certain activities to be undertaken by OTB, including dissemination of corporate information, may be considered promotional in nature under applicable securities policies and may result in increased visibility of the Company's securities. The Company's agreement with OTB does not include any provisions that would require or incentivize OTB to achieve or maintain a specific share price or trading volume.

The engagement of OTB remains subject to the acceptance of the TSXV, and services will not commence until such acceptance has been obtained.

Departures Capital

Departures Capital Inc. ("Departures Capital") is a third-party marketing firm. Departures Capital will assist the Company with the development and dissemination of corporate information.

The Company has agreed to pay Departures Capital CAD$20,000 for a twelve-month engagement. Departures Capital operates independently. To the knowledge of the Company, neither Departures Capital nor its principals hold any securities of the Company, nor do they have any right to acquire such securities except as may occur in the ordinary course of business. Departures Capital will not act as a broker-dealer and will not receive any compensation for introducing investors to the Company.

The Company acknowledges that certain activities to be undertaken by Departures Capital, including dissemination of corporate information, may be considered promotional in nature under applicable securities policies and may result in increased visibility of the Company's securities. The Company's agreement with Departures Capital does not include any provisions that would require or incentivize Departures Capital to achieve or maintain a specific share price or trading volume.

The engagement of Departures Capital remains subject to the acceptance of the TSXV, and services will not commence until such acceptance has been obtained.

About Syntholene

Syntholene is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel, which the Company seeks to manufacture at 70% lower cost than the nearest competing technology today. The Company's mission is to deliver the world's first truly high-performance, low-cost, and carbon-neutral synthetic fuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.

Syntholene operates the world's first geothermally-integrated high temperature electrolysis demonstration facility in Husavik, Iceland, which is now producing 99.9%+ purity Hydrogen.

Founded by experienced operators across advanced energy infrastructure, nuclear technology, low-emissions steel refining, process engineering, and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuel, thus accelerating the commercialization of carbon-neutral eFuels across global markets.

For further information, please contact:
Dan Sutton, CEO
comms@syntholene.com
www.syntholene.com
+1 608-305-4835

X: @Syntholene
Linkedin: Syntholene Energy
Youtube: Syntholene Energy

Investor Relations
KIN Communications Inc.
604-684-6730
ESAF@kincommunications.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "aims", "continue", "estimate", "objective", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. All statements, other than statements of historical fact, including but not limited to statements regarding the completion of Imperial Consultant's review, delivery of its report, and the timing thereof, the scope and results of Imperial Consultant's review and the content of its report, the inclusion of high-power operating data in Imperial Consultant's review, investor demand, visibility of the Company's securities, the TSXV's approval of the consulting arrangements, the Company's ability to execute on its plans for advancement and commercialization of its technology, technical and economic viability, anticipated benefit of eFuel, and future commercial opportunities are forward-looking statements.

The forward-looking statements and information are not a guarantee of future performance and are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that Imperial Consultants will be able to complete its review and delvier its report in the manner and timeline set forht in this news release or at all, the Company will be able to execute its business plan in the manner and timeline set forth in its public disclosure or at all, that the Company's demonstration facility will operate as expected, that the eFuel will have its expected benefits, that there will be market adoption, that the Company's review of the competitive landscape and that its understanding of being the world's first Company to have geothermal-SOEC integration remain accurate, that any potential competitors to the Company would not be able to develop or execute geothermal-SOEC integration as quickly or as well as the Company, that the Company will be able to produce the eFuel at competitive pricing in the range anticipated in this news release, or at all, that the proposed testing will be able to be completed, and that the results from such tests will validate the Company's technology and support further commercialization, that geothermal heat will be available to the Company at the necessary levels, that the Company will continue to have access to skilled personnel with relevant experience, that regulatory requirements remain favourable for the Company and that the Company will be able to access financing as needed to fund its business plan. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all or that such information will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, Syntholene's ability to operate its demonstration facility and complete planned testing, that the results of the testing will support continued commercialization and the Company's technology, that the engaged service providers do not have the necessary skills to and do not advance the Company's business plan, that there are competitors in geothermal-SOEC integration that are unknown to the Company, that the Company may not be able to produce eFuel at the targeted prices or at a price that is lower than potential competitors, the reliability of third party information, that definitive commercial purchase orders for Syntholene's eFuel may not materialize, Syntholene's ability to meet production targets, realize projected economic benefits, overcome technical challenges, secure financing, maintain regulatory compliance, manage geopolitical risks, and successfully negotiate definitive terms. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the cost and pricing of the eFuel product that Syntholene is seeking to commercialize, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of describing the anticipated effects of advancement of Syntholene's business operations. Syntholene's actual results, performance or achievement could differ materially from those expressed in, or implied by, such FOFI. Syntholene disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained herein should not be used for purposes other than for which it is disclosed herein.

Readers are advised to exercise caution and not to place undue reliance on the forward-looking statements and FOFI in this news release.

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Syntholene Energy

Advancing high-performance synthetic fuels at scale

Advancing high-performance synthetic fuels at scale Keep Reading...

Investor Insight

Syntholene Energy is advancing a proprietary synthetic fuel production platform designed to produce high-performance, low-cost synthetic hydrocarbons using renewable electricity, geothermal heat and captured carbon. Following successful prototype-scale validation in 2022, the company is now operating its Iceland demonstration facility as it plans commercial-scale production capable of serving aviation, transportation, industrial energy and other hard-to-abate fuel markets.

Overview

Syntholene Energy ((TSXV:ESAF,FSE:3DD0, OTC:SYNTF) is a synthetic fuel production company company focused on developing high-performance, low-cost synthetic liquid fuels. The company is commercializing its proprietary Hybrid Thermal Production System, which combines renewable electricity, geothermal heat, water and captured carbon to produce synthetic hydrocarbons that can serve as direct replacements for conventional petroleum-derived fuels.

$Syntholene's \u200bH\u00fasav\u00edk Power Station$

Unlike many alternative energy solutions that require extensive changes to existing infrastructure, synthetic fuels can be transported, stored and utilized through today’s fuel supply chains. The resulting fuels are molecularly pure, free from many contaminants associated with conventional fuels and compatible with existing engines, turbines, storage systems and transportation infrastructure. Produced using renewable electricity, hydrogen and captured carbon, the fuels can deliver over 90 percent lower lifecycle emissions while maintaining the energy density and performance characteristics required across multiple industries.

At the core of the company’s platform is its Hybrid Thermal Production System, which combines high-temperature solid oxide electrolysis with industrially proven fuel synthesis reactors. By incorporating low-cost thermal energy into critical production stages, Syntholene seeks to reduce electricity consumption, the largest cost component for most eFuel producers. This approach underpins the company’s targeted 70 percent cost advantage relative to competing technologies and supports its objective of producing cost-competitive synthetic fuels at commercial scale.

Syntholene Hybrid Thermal Production System

The technology builds upon advancements in high-temperature electrolysis, including work undertaken at Idaho National Laboratory. Following successful prototype-scale validation in 2022, Syntholene is progressing toward field-scale demonstration in Iceland. The company believes a successful demonstration will support future commercial deployment across a range of synthetic fuel applications.

Market demand for low-emission liquid fuels continues to expand across multiple sectors. Sustainable aviation fuel represents Syntholene’s initial commercial focus, supported by increasing airline decarbonization commitments, regulatory mandates, and fuel-blending requirements. Beyond aviation, the broader global eFuel market is projected to grow from US$8.89 billion in 2024 to more than US$215 billion by 2032, creating opportunities across transportation, shipping, industrial energy, and other sectors that depend on liquid hydrocarbon fuels.

Syntholene’s leadership team combines expertise across climate technology, synthetic fuels, industrial engineering, energy infrastructure, project development and resource industries. Recent additions to the advisory board, including former Shell and Suncor executive Marc Mageau and energy industry veteran HY Lee, further strengthen the company’s capabilities as it advances toward commercialization.

Company Highlights

Addressing a multi-layered growth opportunity: The company is initially targeting sustainable aviation fuel while developing a technology platform capable of serving a substantially larger global liquid fuels market spanning transportation, industrial energy and other hard-to-electrify sectors.
Proprietary hybrid thermal production system: Syntholene’s technology integrates high-temperature solid oxide electrolysis with industrially proven fuel synthesis reactors, utilizing both electricity and thermal energy to improve efficiency and reduce production costs.
Targeting a 70 percent cost advantage: By introducing low-cost thermal energy into critical stages of production, the company aims to produce synthetic fuels at 70 percent lower cost than competing eFuel technologies.
Pathway to cost-competitive synthetic fuels: The company believes its technology provides a credible pathway toward producing synthetic fuels that can compete economically with conventional petroleum-derived fuels at scale.
High-performance fuel characteristics: Synthetic fuels are molecularly pure and free from many contaminants associated with conventional fuels, including sulfur, nitrogen and heavy metals, while remaining compatible with existing infrastructure.
Over 90 percent lower lifecycle emissions: Synthetic fuels produced from renewable electricity, hydrogen and captured carbon can deliver over 90 percent lower lifecycle emissions than conventional alternatives.
Prototype validation completed: The company’s production process was successfully demonstrated at prototype scale in 2022 and is now operating a world-first geothermally-integrated demonstration facility in Husavik, Iceland.
Demonstration facility advancing ahead of schedule: The Húsavík, Iceland facility is now operating, with efficiency and technoeconomic results expected in Q4 2026.
Strategic geothermal platform: The Iceland project benefits from low-cost geothermal electricity, thermal energy, industrial infrastructure, deep-water port access and an existing 200 MW+ regional grid expansion permitting framework.
Scalable commercial development strategy: Following demonstration, the company intends to advance a 20,000-tonne-per-year commercial facility design and subsequently scale production through facilities ranging from tens to hundreds of megawatts.

Flagship Project

Húsavík Demonstration Facility, Iceland

$Syntholene \u200bH\u00fasav\u00edk Demonstration Facility, Iceland$

Syntholene’s flagship project is its geothermal-integrated demonstration facility located in Húsavík, northern Iceland. The facility is designed to validate the integration of geothermal heat, high-temperature solid oxide electrolysis and synthetic fuel production technologies under real-world operating conditions. Construction has advanced six months ahead of schedule, with first operations initiated on June 22nd 20266 and efficiency and technoeconomic results expected in Q4 2026.

The project leverages northern Iceland’s abundant geothermal resources, providing access to both low-cost electricity and high-temperature steam. Unlike intermittent renewable energy sources, geothermal energy offers reliable baseload power and thermal energy that can be utilized continuously throughout the fuel production process. The location also benefits from established industrial infrastructure, a skilled workforce, proximity to a deep-water port and a favorable regulatory environment.

Syntholene Demo Footprint

A key objective of the demonstration facility is to validate the company’s thermal integration strategy and confirm that efficiencies achieved during laboratory and prototype testing can be replicated under commercial operating conditions. The facility incorporates Syntholene’s proprietary Thermal Coupling technology, which converts geothermal steam into high-purity industrial steam suitable for use throughout the fuel production process. Management believes this technology is central to achieving the targeted 70 percent cost advantage relative to competing synthetic fuel pathways.

The project also benefits from significant expansion potential. Iceland has completed environmental permitting associated with a 200 MW regional grid expansion, supporting future industrial development in the region. Following a successful demonstration, Syntholene intends to advance a 20,000-tonne-per-year commercial facility design and subsequently scale production through facilities ranging from tens to hundreds of megawatts. Management believes the Húsavík location alone has the potential to support development capable of generating approximately US$500 million in annual revenue.

Management Team

Dan Sutton – Chief Executive Officer

Dan Sutton has spent the last 15 years founding and leading sustainable infrastructure businesses. As founder and CEO of Tantalus Labs, he designed, built and operated SUNLAB, scaled the company to 150 employees and grew annual revenue to approximately US$20 million. His expertise spans infrastructure deployment, project development, government relations, public markets and executive leadership.

Steve Oldham – Director

Steve Oldham is a globally recognized leader in carbon management and climate technology commercialization. As former CEO of Carbon Engineering, he helped establish direct air capture as a commercial industry and led the company through its acquisition by Occidental Petroleum at a US$1.6 billion valuation. He currently serves as CEO of Captura.

Canon Bryan – Director

Canon Bryan is a founder and company builder with more than 25 years of experience across advanced energy and resource development. He co-founded Terrestrial Energy, Uranium Energy and NioCorp and brings expertise in finance, corporate development, economic modelling and strategic planning.

John Kutsch – Chief Engineer

John Kutsch leads the integration and optimization of Syntholene’s fuel production platform. He brings more than 30 years of experience across industrial systems design, chemical processing, advanced energy technologies and reactor development, including work supporting high-temperature synthetic fuel systems.

Jack Williams – Head Engineer

Jack Williams specializes in high-temperature and high-pressure reactor systems and synthetic fuel technologies. His research at the University of Cambridge focused on electrolysis systems, catalytic reactor design, CO₂ capture and synthetic fuel production processes.

Grant Tanaka – Chief Financial Officer

Grant Tanaka has more than 15 years of senior financial leadership experience across the global natural resources sector. His background includes senior finance roles at Teck Resources, New Gold and Copper Mountain Mining, combining financial discipline with operational performance management. He was also appointed Corporate Secretary in May 2026.

Anna Pagliaro – Director

Anna Pagliaro is a senior commercial and risk management executive with extensive experience across the energy and mining sectors. Her career includes leadership positions at Vizsla Silver, Ausenco, NexGen Energy and Integra Gold, where she focused on governance, commercial strategy, negotiations and risk management.

Marc Mageau – Advisory Board Member

Marc Mageau joined the Advisory Board in June 2026. He brings more than three decades of operational leadership experience from Shell and Suncor, including expertise in refining, oil sands operations, logistics, infrastructure development and industrial asset management.

HY Lee – Advisory Board Member

HY Lee joined the Advisory Board in May 2026, adding further industrial, operational and strategic expertise as Syntholene advances toward commercial deployment of its synthetic fuel platform.

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