Key Takeaways
- Sector: Transport Infrastructure & Services (traditional).
- Geography: Netherlands.
Analysis
APG, acting on behalf of Dutch pension fund ABP, has announced a strategic investment of up to €250 million (US$325 million) in SkyNRG, a pioneering force in Sustainable Aviation Fuel (SAF), in a move that could redefine the future of clean aviation.
In a sector long considered one of the hardest to decarbonize, this investment marks a powerful vote of confidence in SkyNRG’s mission to replace fossil-based jet fuels with SAF—a fuel capable of slashing lifecycle emissions by more than 80%. The deal, part of a broader €300 million funding round, is a pivotal milestone for the Amsterdam-based company, which has been at the forefront of SAF innovation since its founding in 2009.
The new capital will support SkyNRG's aggressive expansion plans, including the construction of dedicated SAF production facilities in Delfzijl, the Netherlands, and additional plants in Sweden and the United States, known respectively as Project SkyKraft and Project Wigeon. These new hubs are designed to meet surging demand for cleaner jet fuel, driven in part by EU policies such as ReFuelEU and corporate sustainability pledges.
“We are building the infrastructure the industry needs to decarbonize at scale,” said Maarten van Dijk, CEO and co-founder of SkyNRG. “APG’s investment gives us the firepower to do just that.”
The move reflects ABP’s—and by extension, APG’s—growing focus on sustainable infrastructure. The investment is the pension fund’s first direct foray into the SAF sector, part of a broader strategy to align long-term returns with real-world climate impact.
“SkyNRG represents the kind of forward-looking, impact-driven investment we seek,” said Martin van der Pot, Head of Private Investments at ABP. “This supports our commitment to a just energy transition, while helping secure the pensions of millions of Dutch citizens.”
Arjan Reinders, Head of Infrastructure Europe at APG, added, “SkyNRG is not just a frontrunner in SAF, they are helping shape the market itself. We are proud to support their growth and play our part in driving down global aviation emissions.”
SkyNRG already counts more than 50 airlines among its partners and continues to work closely with aviation giants like KLM, Microsoft, and Boeing. The latest investment builds upon a €175 million commitment from Macquarie Asset Management (MAM) in 2023, which will now rise to €225 million alongside APG’s contribution. Together, these investments will fund purpose-built SAF production capacity, which is currently limited and insufficient to meet future demand.
“The aviation sector is under pressure to change—and quickly,” said Kate Vidgen, Chair of SkyNRG and Operating Partner at MAM. “Together with APG and other partners, we’re enabling real solutions at scale.”
With aviation accounting for roughly 2.5% of global CO₂ emissions, SAF is increasingly seen as the industry’s best path to decarbonization. As a drop-in fuel derived from renewable feedstocks, it requires no changes to existing aircraft and infrastructure—making it a ready-now technology for an urgent problem.
The global SAF market is forecast to be worth €12 billion annually by 2030, yet production remains a bottleneck. SkyNRG’s vertically integrated platform, combining R&D, advisory services, and customer programs, is positioning itself as a global leader capable of scaling production to meet this demand.
For APG, the investment represents both a financial opportunity and a climate imperative. For SkyNRG, it provides the capital—and credibility—to deliver on its vision.
“In ten years, we want to look back and know we helped change the aviation industry,” said van Dijk. “Today’s investment is a giant step in that direction.”