Recent developments
Policy and capital flows
The European policy backdrop emphasized affordability and autonomy, with the Clean Energy Investment Strategy bridging private capital to clean energy and infrastructure and measures spanning SMRs and CEF Energy. Transmission and storage priorities were echoed in the Gasunie 2025 report, covering hydrogen, CO2, LNG, and biomethane networks across northwest Europe. In Iberia, Repsol to invest €10 billion by 2028 with 30% for low‑carbon and disciplined pacing, while Galp 4Q & FY25 financial results pointed to low‑carbon spending in Sines and solar‑storage. Portugal’s ZILS – Sines Industrial and Logistics Zone reported cumulative investments above €20 billion in energy, hydrogen, and ammonia facilities.
Scaling SAF pathways
Producers and OEMs progressed SAF options: Axens and Airbus agreed to collaborate on pathways and deployment, Petrobras selected Topsoe’s HydroFlex technology for a potential SAF and renewable diesel unit, and Siemens and CAPHENIA partnered on plasma conversion of biomethane to synthesis gas. Financing and capacity additions included the Rotterdam refinery’s expansion and SAF optionality funded by a €700 million green bond, and Neste announced leadership and organizational changes to form a North America renewables unit.
Biorefining and methanol
In Italy, Eni confirmed biorefining investment in Sannazzaro de’ Burgondi and outlined a 500 kt/y Priolo biorefinery, both configured for HVO diesel and SAF. Broader transition actions were detailed in Eni reports strong 2025 financial and strategic progress, including plans to triple biofuels capacity by 2030. Upstream and conversion technologies advanced as Clariant and Vertimass moved to scale CADO zeolite catalysts for alcohol‑to‑fuels, and thyssenkrupp Uhde began an integration study for biomass‑to‑methanol in Nova Scotia.
Biomethane integration
Retail and agricultural linkages expanded, with Plenitude and Methagora agreeing a 15‑year, 50 GWh/y offtake under France’s BPC scheme and retrofits to enable grid injection from existing cogeneration sites.
Electrolysis and e-fuels
Power‑to‑X manufacturing capacity grew as Topsoe inaugurated a Solid Oxide Electrolyzer Cell manufacturing facility in Herning, and reported synthetic fuel project agreements pending FIDs in Europe and the United States.
Industrial heat alternatives
For high‑temperature heat, RIFT financed commercialization, with Iron Fuel Technology targeting a first facility supplying 340 GWh/y and over 1 Mt CO2e avoided over 15 years. Portfolio optimization continued as Heidelberg Materials closes Paderborn cement plant while pursuing lower‑CO2 Ternocem development at other sites.