Chicago, Illinois--(Newsfile Corp. - May 27, 2026) - Syntholene Energy Corp. (TSXV: ESAF) (OTCQB: SYNTF) (FSE: 3DD0) ("Syntholene" or the "Company"), announced today that the construction of its geothermal-integrated synthetic fuel demonstration facility in Húsavík, Iceland (the "Demonstration Facility") is ahead of schedule, and that first operations could now occur as soon as June 2026. Effects testing and real-world data gathering are expected to commence shortly thereafter, and the Company is now targeting publication of its first efficiency and technoeconomic data as early as Q4 of 2026.

"Few advanced energy projects finish ahead of schedule, even at the demonstration stage," stated Dan Sutton, CEO of Syntholene, "The fact that construction of Syntholene's Demonstration Facility is on track to finish six months ahead of schedule reflects the seasoned execution capabilities of Syntholene's engineering and project teams, as well as the elegance and modularity of the Company's thermal-hybrid architecture."

Húsavík Power Station in Norðurþing Municipality, Iceland, where the Demonstration Facility is being constructed

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11636/298862_a2c11367645cb904_001full.jpg

The accelerated construction timeline stems from the completion of several key engineering and manufacturing milestones ahead of schedule, including the fabrication of the Demonstration Facility's Thermal Coupling heat exchanger system in just 42 days. Factory acceptance and operational commissioning of the Company's solid oxide electrolyzer cell ("SOEC") system was also completed ahead of the originally scheduled Fall 2026 completion timeline.

Completed Syntholene SOEC Module

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11636/298862_a2c11367645cb904_002full.jpg

The Demonstration Facility has been designed to demonstrate the cost and energy efficiencies of integrating geothermal heat with high-temperature electrolysis for the production of low-cost hydrogen as the core feedstock for synthetic fuel production.

The Company strives to become the first company to demonstrate the integration of geothermal heat with high-temperature electrolysis for synthetic fuel.

Completed Syntholene Thermal Coupling Heat Exchanger System

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11636/298862_a2c11367645cb904_003full.jpg

The Demonstration Facility is intended to validate continuous operational integration between geothermal heat infrastructure, SOEC hydrogen production, and supporting balance-of-plant systems. Syntholene expects that data generated from the Demonstration Facility will support future engineering optimization, technoeconomic analysis, strategic partnerships, and financing initiatives.

The Company plans to host a site visit at the Demonstration Facility in Norðurþing, Iceland in June for industry and market participants, strategic partners, and investors. Parties interested in attending may contact the Company for additional information regarding timing and participation.

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.

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.

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 press 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", "targets" 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 proposed Demonstration Facility and the construction timeline thereof, testing planned at the proposed Demonstration Facility, the expected results and the proposed uses of data from such testing, future site visits and demonstrations, commercial scalability, proposed benefits to the project from the skills of the engaged service providers, economic benefits of the Company's products relative to competitive products, the Company's ability to execute on its plans for advancement and commercialization of its technology, technical and economic viability, anticipated geothermal power availability, anticipated benefit of eFuel, and future commercial opportunities, are forward-looking statements.

The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that 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 construction of the Demonstraion Facility will continue as planned, that the engaged service providers have the skills to advance the Company's business plans, 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 validation testing will be able to be completed in the manner and timeline set forth in this news release, 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 proposed Demonstration Facility will be completed on time and on budget, 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 because the Company can give no assurance that they 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, the Company's ability to complete construction of the Demonstration Facility on the anticipated timeline or at all, Syntholene's ability to complete the 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, 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. Syntholene does not undertake any obligation to update or revise these forward-looking statements, except as required by applicable securities laws.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298862