Syntholene engages Imperial College London expert for Iceland facility review

Review to be led by Nigel Brandon, OBE, FREng, FRS, Dean of Imperial College London's Faculty of Engineering and Professor of Sustainable Development in Energy

Chicago, Illinois--(Newsfile Corp. - September 28, 2026) - Syntholene Energy Corp. (TSXV: ESAF) (OTCQB: SYNTF) (FSE: 3DD0) ("Syntholene" or the "Company") announced today that it has engaged researchers from Imperial College London, via Imperial Consultants, a wholly owned subsidiary of Imperial College London, to conduct an independent technical review of operating data from the Company's geothermal-integrated solid oxide electrolysis cell ("SOEC") demonstration facility in Húsavík, Iceland (the "Demonstration Facility").

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The review will be undertaken by Dr. Nigel Brandon, OBE, FREng, FRS, Dean of the Faculty of Engineering and Professor of Sustainable Development in Energy at Imperial College London.

"Professor Brandon has been engaged to perform technical review on Syntholene's operating data from our Iceland Demo Facility. Syntholene will utilize this data to understand the extent to which The Company's unique Thermal Hybrid Architecture can support enhanced efficiencies and cost advantages," stated Dan Sutton, Chief Executive Officer of Syntholene. "Dr. Brandon brings deep experience in Solid Oxide Electrolyzer Cells, systems integration, and the commercialization of electrochemical systems. This engagement is intended to establish what efficiency gains Syntholene's operating data supports, and prepare us to move from technology demonstration to commercial project planning."

As announced on September 8, 2026, Syntholene has completed Phase One of its effects-testing program and initiated Phase Two high-power operations. The review conducted via Imperial Consultants' is intended to assess the performance of the integrated SOEC, Thermal Coupling Heat Exchanger, and balance of plant systems. High-power operating data is expected to be included in the review concurrently as it becomes available.

Scope of the Independent Technical Review

Dr. Brandon has been engaged to independently analyze operating data from Syntholene's Demonstration Facility and prepare a technical report addressing, among other things, electrical consumption per kilogram of hydrogen produced, projected commercial system efficiency including balance-of-plant electrical loads, operational stability, capacity factor, and variability. The review will also examine whether there is evidence of degradation in the SOEC stack and heat-exchange system over the available operating period, together with any other technically significant observations.

The report is also expected to address projections and modelling of how demonstrated performance may translate to a commercial-scale configuration.

Professor Nigel Brandon

Professor Brandon is the Dean of Imperial College London's Faculty of Engineering and Professor of Sustainable Development in Energy. He earned his engineering degree and PhD at Imperial and returned as an academic in 1998 following a 14-year research career with BP and Rolls-Royce. His work spans fuel cells, electrolysers and flow batteries, with a focus on the science, engineering and practical application of electrochemical energy technologies.

He co-founded Ceres Power, an Imperial spinout established in 2000 that develops solid oxide fuel cell and electrolyser technology, and previously served as its Chief Executive Officer, Chief Technology Officer and Chief Scientist. He also co-founded flow-battery company RFC Power and was the founding director of Imperial's Energy Futures Lab and Sustainable Gas Institute.

Professor Brandon is a Fellow of the Royal Society and the Royal Academy of Engineering, and an International Member of the U.S. National Academy of Engineering. His election to the U.S. academy recognized his contributions to solid oxide fuel cell science, engineering and commercialization. His honours include an OBE for services to UK-China science, the American Society of Mechanical Engineers' Francis Bacon Medal in 2014 and the Christian Friedrich Schönbein Gold Medal of Honour in 2024 for contributions to solid oxide technology.

Timing and Other Considerations

Syntholene anticipates receiving the final report before the end of 2026. Imperial Consultants will be paid a fixed cash fee in the amount of £27,500.00 for their services. Such fee is not success or contingency based and Imperial Consultants and Professor Brandon act independently of the Company.

Update Regarding Investor Relations Activity

Syntholene Energy further announced today that it has engaged various consultants to provide corporate marketing and communications support in accordance with Policy 3.4 of the TSX Venture Exchange (the "TSXV").

Euroswiss Capital Partners

Euroswiss Capital Partners Inc. ("Euroswiss") is an international consulting company based in Switzerland. Euroswiss will assist the Company with the development and dissemination of corporate information in Europe and serve as a strategic and financial consultant to the Company in Europe.

The Company has agreed to pay Euroswiss CAD$60,000 for a six-month engagement. Euroswiss operates independently. To the knowledge of the Company, neither Euroswiss nor its principals holds any securities of the Company other than 266,666 common shares and 133,333 common share purchase warrants held by an associated party of Euroswiss, nor do they any other rights to acquire securities of the Company except as may occur in the ordinary course of business. Euroswiss will not act as a broker-dealer and will not receive any compensation for introducing investors to the Company.

The Company acknowledges that certain activities to be undertaken by Euroswiss, including dissemination of corporate information, may be considered promotional in nature under applicable securities policies and may result in increased visibility of the Company's securities. The Company's agreement with Euroswiss does not include any provisions that would require or incentivize Euroswiss to achieve or maintain a specific share price or trading volume.

The engagement of Euroswiss remains subject to the acceptance of the TSXV, and services will not commence until such acceptance has been obtained.

Outside The Box Capital

Outside The Box Capital Inc. ("OTB") is a third-party marketing firm. OTB will assist the Company with the development and dissemination of corporate information.

The Company has agreed to pay OTB CAD$150,000 for a six-month engagement. OTB operates independently. To the knowledge of the Company, neither OTB nor its principals hold any securities of the Company, nor do they have any right to acquire such securities except as may occur in the ordinary course of business. OTB will not act as a broker-dealer and will not receive any compensation for introducing investors to the Company.

The Company acknowledges that certain activities to be undertaken by OTB, including dissemination of corporate information, may be considered promotional in nature under applicable securities policies and may result in increased visibility of the Company's securities. The Company's agreement with OTB does not include any provisions that would require or incentivize OTB to achieve or maintain a specific share price or trading volume.

The engagement of OTB remains subject to the acceptance of the TSXV, and services will not commence until such acceptance has been obtained.

Departures Capital

Departures Capital Inc. ("Departures Capital") is a third-party marketing firm. Departures Capital will assist the Company with the development and dissemination of corporate information.

The Company has agreed to pay Departures Capital CAD$20,000 for a twelve-month engagement. Departures Capital operates independently. To the knowledge of the Company, neither Departures Capital nor its principals hold any securities of the Company, nor do they have any right to acquire such securities except as may occur in the ordinary course of business. Departures Capital will not act as a broker-dealer and will not receive any compensation for introducing investors to the Company.

The Company acknowledges that certain activities to be undertaken by Departures Capital, including dissemination of corporate information, may be considered promotional in nature under applicable securities policies and may result in increased visibility of the Company's securities. The Company's agreement with Departures Capital does not include any provisions that would require or incentivize Departures Capital to achieve or maintain a specific share price or trading volume.

The engagement of Departures Capital remains subject to the acceptance of the TSXV, and services will not commence until such acceptance has been obtained.

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.

Syntholene operates the world's first geothermally-integrated high temperature electrolysis demonstration facility in Husavik, Iceland, which is now producing 99.9%+ 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

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 news 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" 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 completion of Imperial Consultant's review, delivery of its report, and the timing thereof, the scope and results of Imperial Consultant's review and the content of its report, the inclusion of high-power operating data in Imperial Consultant's review, investor demand, visibility of the Company's securities, the TSXV's approval of the consulting arrangements, the Company's ability to execute on its plans for advancement and commercialization of its technology, technical and economic viability, anticipated benefit of eFuel, and future commercial opportunities are forward-looking statements.

The forward-looking statements and information are not a guarantee of future performance and are based on certain key expectations and assumptions made by the Company, including without limitation the assumption that Imperial Consultants will be able to complete its review and delvier its report in the manner and timeline set forht in this news release or at all, 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 Company's demonstration facility will operate as expected, 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 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, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all or that such information 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 its demonstration facility and complete planned 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, the reliability of third party information, 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. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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/316094

TMX Newsfile

September 28, 2026 - 6:00 AM PDT

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