NEWSLETTER Q4/2025

The year is coming to an end, and it’s time to wrap things up. But as tech people tend to do, we like to do that quite literally. 

This candle here might be one of the world’s most rare and most expensive. It’s made from crude wax produced in Europe’s first eSAF pilot, delivered this year. This wax is feedstock for electro-sustainable aviation fuel and it now captures an entire year of hard work in a small flame. 

A year in which we designed, built, tested, and proved something unique. A year that took us from a lab to a working pilot, and from ideas to tangible output. Our team has grown, the ambition has sharpened, and the work ahead is getting even more ambitious. 

And that’s exactly how we like it. 

We wish all our partners, backers, colleagues and followers Merry Christmas and a Happy New Year. 

EUROPE'S eSAF ERA BEGINS - LIQUID SUN'S FIRST INDUSTRIAL PILOT NOW OPERATIONAL.

Driven by EU aviation regulations, demand for sustainable synthetic aviation fuel eSAF is set to grow at an explosive pace. At the same time, a global race is underway to develop and scale production technologies to industrial levels as quickly as possible.

In November Liquid Sun reached a critical milestone in this race by producing first batches of synthetic crude in eSAF pilot plant. The pilot represents a breakthrough in eSAF production as it has been engineered to meet industrial-scale requirements. Key partners essential to the eSAF value chain are involved in the development process.

The commissioning of the unit has been successfully completed. Testing and optimization both on technology and system level will continue in March. This milestone strengthens both Finland’s and Liquid Sun’s position at the forefront of sustainable aviation fuel innovation and paves the way for the next phase: scaling up production and refining the crude into aviation fuel together with Liquid Sun’s partner network. The network includes Finnair, Finavia, ABB and Fortum.

The next step in the pilot production phase is to refine the eSAF crude into synthetic fuel and obtain the certification required under the eSAF regulatory framework.

Contact our CEO Dr. Pasi Keinänen to find out more about the eSAF pilot. pasi@liquidsun.co

SUSTAINABLE TRANSPORT INVESTMENT PLAN - A NEW POLICY TO UNLOCK eSAF INVESTMENTS. 

The European Commission’s new Sustainable Transport Investment Plan (STIP) published 5th of November 2025 marks a decisive shift for electro-sustainable aviation fuel (eSAF). For investors, the message is clear. The EU is no longer just setting targets—it is actively building the market, de-risking capital deployment, and accelerating scale-up. 

Mandated Demand with Long-Term Visibility 

Under the ReFuelEU Aviation Regulation, the EU will require approximately 6.8 million tonnes of e-fuels by 2035, forming part of a broader 20 million tonne sustainable fuel requirement across aviation and maritime transport. These volumes are binding and legally mandated, not voluntary. Commission has now explicitly confirmed regulatory stability, addressing one of the most material risks for long-term infrastructure investments. For eSAF producers, this translates into durable, multi-decade demand visibility. 

Capital Is Being Mobilised 

To meet these targets, the Commission estimates €100 billion of investment is needed by 2035. STIP introduces a coordinated EU-level response to unlock this capital, with at least €2.9 billion mobilised by 2027 as catalytic funding. 

Key instruments include: 

• €2 billion via InvestEU to de-risk first-of-a-kind and early commercial projects 

• €153 million from the Innovation Fund dedicated to synthetic aviation fuels 

• €300 million via the European Hydrogen Bank to reduce the largest cost driver of eSAF 

• A €500 million via eSAF Early Movers Coalition that is targeted to early commercial scale projects 

This blended-finance approach is designed to improve project economics, accelerate final investment decisions, and crowd in private capital. STIP confirms that the market is moving toward: eSAF is no longer a niche transition fuel, but a regulated, capital-supported growth market. Policy risk is declining, demand risk is structurally addressed, and execution quality becomes the primary differentiator. 

For Liquid Sun, this reinforces our strategy: building pilots for rapid testing and validations to reduce technology risk and to enable controlled scaling and long-term growth.  

Read more: https://transport.ec.europa.eu/news-events/news/commission-unveils-sustainable-transport-investment-plan-strategic-approach-boost-renewable-and-low-2025-11-05_en 

ISCC MEMBERSHIP - PATH TO eSAF CERTIFICATION. 

EU’s Renewable Energy Directive (EU RED) sets strict rules for how eSAF must be produced and verified. These include strict control of supply chains, transparent tracking of sustainable materials, verified life-cycle emissions calculations, and a requirement that eSAF cuts emissions by at least 70 per cent compared to fossil-based jet fuel. In practice, this means eSAF producers must be certified before they can sell fuel in the EU.  

Liquid Sun has taken a major step by becoming a member of the International Sustainability and Carbon Certification (ISCC) Association, one of the EU-approved schemes for demonstrating compliance with the EU RED. ISCC is widely trusted in the aviation and renewable energy sectors, making it a strong fit for our mission.  

EU RED sets a high bar, and meeting it can be challenging, especially for emerging companies. But by joining ISCC early, we build compliance into our processes from day one rather than retrofitting later. It gives us time to understand requirements, create the right systems and prepare for rigorous audits.  

Because certification applies at the facility level, we are designing our first production sites with EU RED standards integrated from the ground up. As ISCC Association Members, we also gain access to expert guidance and resources, supporting our goal to produce EU-certified eSAF in Finland and contribute to cleaner global aviation.   

Read more: https://www.liquidsun.co/news/iscc-membership

We hope you found this newsletter informative and insightful. If you would like to jump on a call to discuss any of these topics in greater detail, please let us know.