Technologies New Energy buys 90% of CleverSearch to fast-track Azores SAF biorefinery
Technologies New Energy plc (LSE: TNE) has snapped up a 90% stake in CleverSearch Lda, a local Azores project company, to accelerate its biomass-to-liquids biorefinery on Terceira. The move is about building a local platform to de-risk development and execution for a project aimed at producing Sustainable Aviation Fuel (SAF) and biochar.
This is an early-stage, enabling acquisition rather than a revenue event. Still, it strengthens TNE’s hand in the Azores and plugs into a wider Portuguese SAF portfolio that could deliver replication benefits if the model works.
What exactly has TNE acquired and why?
TNE’s wholly-owned subsidiary, Technologies New Energy, S.A., completed the acquisition via a capital increase in CleverSearch. Post-transaction, TNE holds 90% ownership. The commercial terms are confidential and “not considered material for disclosure”, so there are no price tags or cash figures to pore over.
Acquiring a local project company can smooth permitting, stakeholder engagement and on-the-ground coordination. TNE explicitly says the locally incorporated vehicle should reduce development and execution risk for the Terceira biorefinery.
Azores SAF biorefinery: scale, outputs and feedstock plan
The proposed Terceira plant is being designed to process regionally sourced sustainable biomass residues – think agricultural and forestry clearing residues, not dedicated energy crops. The biorefinery is modular and scalable, aligning build-out to feedstock availability and offtake deals as they’re secured.
| Metric | Project detail |
|---|---|
| Feedstock throughput | Approximately 60,000 metric tonnes per annum |
| SAF production | Up to approximately 6,000 metric tonnes per annum (circa 45,000 barrels per annum) |
| Biochar co-product | Approximately 5,000 metric tonnes per annum |
| Status | Subject to final engineering, permitting and financing |
Two outputs stand out. First, SAF, which is core to aviation decarbonisation and is in structural undersupply. Second, biochar, a carbon-rich material that can be used in agriculture and other applications. TNE doesn’t disclose pricing, revenue or margin assumptions here, so treat this as directional scale rather than earnings guidance.
Four-project SAF pipeline in Portugal aims for replication efficiencies
The Azores project sits within a portfolio of four SAF-focused biorefineries under development across Portugal – one in the Azores and three on the mainland. TNE emphasises modular, scalable and proven technology pathways with the explicit goal of replicating and standardising execution.
That portfolio approach matters. If TNE can validate engineering, feedstock logistics and offtake once, it can reuse the playbook across sites. Infrastructural replication is often where timelines and capex discipline improve – but it still hinges on those first permits, contracts and financing falling into place.
Local platform and wider Azores energy pipeline
CleverSearch gives TNE a ready-made local presence in the Azores and access to regional expertise. That should help with permitting and ongoing engagement with municipalities, landowners and utilities. It is exactly the sort of practical step that reduces friction in early development.
Beyond SAF, TNE flags a broader Azores pipeline: two solar renewable energy community initiatives in Terceira and two biomethane projects in Terceira and São Miguel. The company’s stated strategy is to build integrated, low-carbon energy infrastructure in the region, which could create useful synergies around feedstock, grid connections and stakeholder relationships.
Why this matters for investors
SAF is a priority for airlines targeting net-zero pathways, and regulators are steadily tightening mandates. TNE is positioning to supply into that need, while focusing on long-term feedstock and offtake arrangements to underpin financing and bankability.
Today’s step is modest but sensible: secure the local vehicle, then advance engineering, permits and contracts. It does not change near-term financials – no revenue uplift, no disclosed consideration – but it does move a key chess piece into place.
What’s not disclosed and the key risks
- Financial terms: Not disclosed and “not considered material for disclosure”.
- Timeline: No dates for ready-to-build or first production.
- Capex and funding: No capex estimate, no funding plan, no financing partners disclosed.
- Permitting: Project remains subject to permits and final engineering.
- Feedstock: Strategy is residues-based, but no signed feedstock supply agreements are named.
- Offtake: No airline or fuel distributor offtake agreements are disclosed.
- Technology specifics: Described as modular and proven pathways, but no vendor names or process configuration are provided.
These are typical early-stage project gaps, not red flags in themselves, but they are the hurdles between concept and cash flow. Execution risk remains the main investor consideration.
CEO comment in brief
Julio Perez, CEO, summed it up: “The acquisition of CleverSearch is an important step in accelerating our biorefinery development activities in the Azores. The Terceira project is a cornerstone of our wider SAF portfolio in Portugal and CleverSearch provides us with strong local capability to progress development efficiently and in line with our broader sustainable fuels strategy.”
What to watch next from TNE
- Final engineering updates and a clear process flow selection for the Azores plant.
- Permitting milestones in Terceira, including environmental approvals.
- Long-term feedstock contracts for agricultural and forestry residues.
- Commercial offtake agreements for SAF and potential outlets for biochar.
- Project financing steps – debt providers, grants, or strategic partners.
- Progress on the three mainland Portuguese SAF projects and any replication of design.
My take: a practical de-risking move, positive but early
On balance, this is a positive, practical step that should help TNE progress the Azores biorefinery with fewer local bottlenecks. It fits the company’s strategy to build a replicable SAF portfolio using modular, proven pathways.
However, the market will want to see the usual building blocks – feedstock, permits, offtake and financing – before assigning material value. For now, mark this as incremental de-risking in a portfolio that could become interesting if TNE can convert one project to ready-to-build and then rinse and repeat.
If you want to follow the company’s broader activities, the corporate site is here: tneplc.com.
