Syntholene completes Iceland demonstration facility, begins operations ahead of schedule

Achievement of Milestone Positions Company as First to Demonstrate Geothermal Heat Integrated to Hydrogen Production for Synthetic Fuel Chicago, Illinois--(Newsfile Corp. - June 22, 2026) - Syntholene Energy Corp. (TSXV: ESAF) (OTCQB: SYNTF) (FSE: 3DD0) ("Syntholene" or the "Company") announced today that it has completed construction of its geothermal-integrated Solid Oxide Electrolyzer Cell ("SOEC") demonstration facility in Húsavík, Iceland (the "Demonstration Facility"), approximately six months ahead of the Company's original development schedule and under budget. Syntholene's Geothermally-Integrated SOEC at Husavik Power Station - Husavik, Iceland To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11636/302293_imageone.jpg "Completing a first of its kind energy facility ahead of schedule and under budget is rare," stated Dan Sutton, Chief Executive Officer of Syntholene. "Achievement of this milestone reflects the quality of our engineering team, project partners, and execution discipline.

Syntholene has now graduated from concept and prototyping into real-world operations. Over the next few months of effects testing, we seek to demonstrate practically that geothermally-integrated SOEC hydrogen production can materially improve the economics of synthetic fuel." The Demonstration Facility represents the first fully integrated field deployment of Syntholene's thermal-hybrid architecture, and is expected to serve as the foundation for operational testing, systems validation, and real-world performance data collection. The Company expects effects testing and data gathering at the Demonstration Facility to commence shortly and continues to target publication of its initial efficiency and technoeconomic results as early as Q4 2026.

Construction of the Demonstration Facility took just 69 days from announcement of permit issuance, and involved the fabrication, delivery, installation, and integration of critical systems. These systems included Syntholene's proprietary Thermal Coupling Heat Exchanger system, SOEC module, water treatment systems, instrumentation and controls, and balance-of-plant infrastructure. Notably, fabrication of the Company's Thermal Coupling Heat Exchanger system was completed in just 42 days.

Factory acceptance and operational commissioning of the SOEC module were also completed substantially ahead of the Company's original project schedule. The Demonstration Facility has been designed to demonstrate potential cost and energy efficiencies of integrating geothermal heat with high-temperature electrolysis for the production of low-cost hydrogen, the principal feedstock required for synthetic fuel production. The Company believes that this approach has the potential to significantly reduce required electricity consumption relative to conventional electrolysis pathways, by replacing a portion of the required electrical energy input with geothermal heat.

Testing at the Demonstration Facility is intended to validate continuous operational integration between geothermal heat infrastructure, SOEC hydrogen production, thermal energy recovery systems, and supporting balance-of-plant equipment. Syntholene expects that data generated from the Demonstration Facility will be used to evaluate future engineering optimization, technoeconomic analysis, commercial project development, strategic partnerships, and project financing initiatives. Mr. Sutton continued: "Syntholene's next objective is to generate operational data from this real geothermally-integrated infrastructure, validating the impact of low-cost geothermal heat integration with high-temperature electrolysis.

If successful, we believe this could represent a meaningful advancement toward cost-competitive synthetic aviation fuel." About Syntholene Syntholene is actively commercializing its novel Thermal Hybrid 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 is now operating the world's first geothermally-integrated high temperature electrolysis demonstration facility in Husavik, Iceland. 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 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 operations at the Demonstration Facility, testing planned at the Demonstration Facility, including the timing thereof and the proposed use of data and results from such testing, publication of efficiency and technoeconomic results and the timing thereof, 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 the Demonstration Facility will operate as expected, 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 testing will be able to be completed, and that the results from such tests will validate the Company's technology and processes 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 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, Syntholene's ability to operate the Demonstration Facility and 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/302293 Newsfile Corp. June 22, 2026 - 12:05 AM PDT News by QuoteMedia www.quotemedia.com