Syntholene completes Phase One testing at Iceland facility, advances to high-power operations

Chicago, Illinois--(Newsfile Corp. - September 8, 2026) - Syntholene Energy Corp. (TSXV: ESAF) (OTCQB: SYNTF) (FSE: 3DD0) ("Syntholene" or the "Company") announced today that it has successfully completed Phase One of its effects testing at its geothermally-integrated Solid Oxide Electrolyzer Cell ("SOEC") demonstration facility in Húsavík, Iceland (the "Demonstration Facility"). The Company has now initiated high-power operations in its Phase Two testing.

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"Phase One successfully operated the integrated system for an extended period, and generated novel real-world data required to characterize its performance," stated Dan Sutton, Chief Executive Officer of Syntholene. "With that phase complete, our focus now shifts to high-power operations. Phase Two is intended to characterize the system at higher operating loads and provide a second operating dataset from which we can evaluate the wider capability of our thermal-hybrid architecture."

Phase One focused on sustained operation and data collection across the Demonstration Facility's integrated SOEC, proprietary Thermal Coupling Heat Exchanger, and balance-of-plant systems. The testing program has generated a substantial operating dataset across the integrated system, providing the Company with an initial basis for evaluating system efficiency, thermal integration, operational stability and other performance characteristics relevant to its anticipated commercial architecture.

PHASE TWO: HIGH-POWER OPERATIONS

Syntholene is now operating the Demonstration Facility in the second phase of its effects testing program, which is expected to include sustained operation at or near the facility's full available power capacity.

The Company expects Phase Two to generate additional operating data concerning electrical efficiency, hydrogen production, thermal integration, system stability, and performance under higher-load conditions. Together with the Phase One dataset, these results are intended to provide a broader characterization of the Demonstration Facility across multiple operating conditions and inform subsequent engineering optimization, technoeconomic analysis, and commercial-scale project development.

The staged testing program reflects the Company's approach to progressively characterizing the performance of the integrated system before drawing conclusions regarding its potential commercial applications.

"We are seeking to understand if Syntholene's geothermal integration can reduce or eliminate the need for battery electric and/or hydrogen storage, how effectively geothermal heat can displace electrical energy in hydrogen production, and what those results could ultimately mean for the economics of hydrogen and synthetic fuels," stated Sutton. "High-power operations are an important next step in establishing that operating envelope."

The Company expects to complete Phase Two high-power operations in the coming months, and submit the data for independent validation by a credible third party capable of analyzing the data with relevant subject matter expertise.

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 operates the world's first geothermally-integrated high temperature electrolysis demonstration facility in Husavik, Iceland. It is currently producing 99.99% 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

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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 the Demonstration Facility, testing planned at the Demonstration Facility, the expected results of Phase 2 effects testing, the proposed use of data from such testing, the expected timing for completion of independent validation of the data from Phase 1 and Phase 2 testing, 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; protection of the Company's intellectual property through provisional patents and patents, 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 and proposed testing in the manner and timeline set forth in its public disclosure or at all, that the engaged service providers have the skills to advance the Company's business plans in a timely manner, 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, 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, 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 or complete the independent validation study in a timely manner, 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/313200

TMX Newsfile

September 8, 2026 - 6:00 AM PDT

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