Eco Innovation Group closes Kepler GTL reverse merger for SAF push
Eco Innovation Group (OTC: ECOX), which is rebranding to American EcoFuels, has completed the closing of its reverse merger with Kepler GTL Technologies, a developer of gas-to-liquids (GTL) and coal-to-liquids systems designed to produce sustainable aviation fuel (SAF) from stranded or underutilised feedstocks. The transaction, first announced on 5 March 2026, was finalised through a Master Sales Agreement, Stock Purchase Agreement and Share Exchange Agreement, with control transferred to the Kepler GTL operating business via the issuance of Series A super-voting preferred shares.
No production capacity figures, capital commitment, named offtake counterparty or commercial deployment timeline was disclosed in the release. The combined entity remains pre-revenue and pre-commercial by its own description, with management characterising the closing as the completion of a structural reorganisation rather than an operational milestone.
The deal
Prior to closing, ECOX undertook a series of balance sheet actions that the company says reduced total liabilities from approximately $4.0 million at the end of 2024 to approximately $1.9 million as of 31 December 2025. A third-party valuation firm has been engaged to assess the combined business; that process is ongoing. ECOX is also initiating a name and trading symbol change with FINRA and is evaluating redomiciling to Texas.
Richard Hawkins, chief executive of Eco Innovation Group, described the focus going forward as building the operational side and advancing the technology platform. Brent Nelson, chief executive of Kepler GTL, said the public-company structure positions the business to "move beyond development and start building toward commercial implementation." Neither executive provided a timeline for first commercial output or named a capital partner.
Market context
SAF, which refers to aviation fuels produced from non-fossil feedstocks including agricultural residues, municipal waste, and synthesised gases, has attracted significant policy and capital attention as one of the few credible near-term pathways to decarbonise commercial aviation. GTL technology, which converts gaseous feedstocks into liquid fuels via Fischer-Tropsch synthesis or related processes, is an established industrial route but remains costly at small scale; most commercial GTL capacity globally has been built by state-backed majors at very large scale.
The SAF sector is crowded with developers at various stages of commercialisation, ranging from well-capitalised ventures backed by major airlines and sovereign funds to early-stage OTC-listed entities. The distinguishing milestones investors typically look for are a certified fuel pathway under ASTM International standards, a named offtake agreement with an airline or blender, and evidence of project finance or construction-ready capital.
The policy backdrop is supportive: the EU's ReFuelEU Aviation regulation mandates rising SAF blending ratios from 2025, while the US Inflation Reduction Act's 45Z clean fuels production tax credit provides a production incentive for qualifying SAF. The International Civil Aviation Organization (ICAO), with which Hawkins has previously worked, is advancing a long-term global carbon-reduction framework for aviation. These demand-side and subsidy signals are pulling capital into the sector, though they reward producers who have reached commercial scale rather than those still in the development phase.
Eco Innovation Group's OTC listing, modest balance sheet, and the absence of disclosed production capacity or offtake terms place it firmly in the early-development category. Investors will watch for a named capital partner, a ASTM-certified fuel pathway confirmation, and a first commercial deployment agreement as the milestones that would signal genuine transition from structure to operation.