Sustainable aviation fuel receives investment from a prominent Dutch pension fund
In a significant move towards a greener aviation sector, several institutional investors have committed substantial funds to the development of sustainable aviation fuels (SAF).
PGGM, a Dutch pension fund, has recently invested €120m in Elyse Energy, a French SAF firm, as part of a €300m funding round for SkyNRG. This investment is a sign of the growing interest in SAF by institutional investors. Notably, this is APG's first investment in the SAF sector, with the investment manager for Dutch public-sector pension giant ABP committing €250m to SkyNRG.
Macquarie Asset Management (MAM), another major player, had previously invested €175m in SkyNRG in 2023. MAM is now increasing its overall investment to €225m.
These investments are part of a broader trend among institutional investors, including Macquarie and IFM, who have made their first commitments to scaling up the development of greener alternatives to conventional aviation fuels.
The funding will support the construction of SAF production facilities in Delfzijl, the Netherlands, Sweden (Project SkyKraft), and the United States (Project Wigeon).
Aviation sector, traditionally viewed as hard to abate, is experiencing a surge in investment in greener alternatives. This is evident in the commitments made by leading airlines and large corporate entities.
For instance, United Airlines has committed to 2.9 billion gallons of SAF, investing in companies like Cemvita and Twelve, and scaling PtL (Power-to-Liquid) facilities such as AirPlant One. United plans to use 10 million gallons of SAF in 2025.
Delta Air Lines has secured 910 million gallons of SAF through partnerships with Gevo and DG Fuels, supporting a 5% blend target by 2030. Projects include cellulosic feedstocks and Alcohol-to-Jet conversion technologies.
American Airlines has committed 620 million gallons through Aemetis and Gevo, with exploration of e-SAF pathways from CO2 via Infinium, backed by Breakthrough Energy Ventures.
JetBlue Airways operates a 1 million gallon/year SAF supply partnership with Valero and World Fuel Services at JFK Airport.
EcoCeres, an SAF producer based in Hong Kong, has multi-year supply agreements with British Airways, investing heavily in sustainable feedstocks like used cooking oil.
XCF Global has invested $350 million in its New Rise Reno facility producing SAF and renewable fuels, part of a $1 billion plan to build a network of SAF plants in the US and internationally.
These investors represent a mix of airlines making offtake commitments and direct investments in SAF production and technology development, as well as renewable fuel producers backed by substantial capital.
This collective investment landscape is complemented by policy incentives, infrastructure development, and industry partnerships aimed at scaling SAF to meet projected demand growth and aviation decarbonization goals by 2050.
The investments by PGGM, APG, and others underscore the commitment of institutional investors to support the development of greener alternatives to conventional aviation fuels. This trend is expected to continue, driving the adoption of sustainable aviation fuels globally and contributing to the decarbonisation of the aviation sector.
Sources: [1] MarketsandMarkets: Sustainable Aviation Fuel Adoption by North America, August 2025 [2] GreenAirNews: SAF News Roundup July 2025
Finance plays a significant role in the development of sustainable aviation fuels (SAF), as PGGM, a Dutch pension fund, recently invested €120m in Elyse Energy, a French SAF firm, and APG, an investment manager for Dutch public-sector pension giant ABP, committed €250m to SkyNRG. These investments highlight the growing interest of institutional investors in SAF, with a focus on scaling up the production of greener alternatives to conventional aviation fuels.
