Josh Bayliss, CEO of the Virgin Group said: “Innovation and entrepreneurship are important tools to address the climate crisis. Virgin and other companies have an important role to play in meeting those challenges, which is exactly why we are forming this strategic partnership with Agilyx.”
Such partnerships are key in helping the European Union achieve its ambitions of decarbonising aviation by relying on ever increasing shares of low-carbon fuels by 2050. As part of the EU’s climate ambitions announced last year, the blending of Sustainable Aviation Fuel with conventional fuels has been proposed for all flights departing the EU starting from 2025.
From waste to fuel
The Virgin Group and Agilyx aim to reuse plastic waste to produce synthetic crude oil that will then be refined into a lower carbon fuel. Plastic waste that otherwise would be un-recycled will be diverted from landfill and will help broaden options in the market for lower carbon fuels from the limited range available today. The Virgin Group wants to provide lower carbon fuel solutions to the global-market and expects Virgin Atlantic and other Virgin companies to be early adopters, as part of the Group’s transitional plans of achieving net zero by 2050.
The Virgin Group intends to work with Agilyx – whom it has been an investor in for many years – on the development of the production facilities based on its unique conversion technology. Cyclyx, an innovative feedstock company that is majority owned by Agilyx, will source the plastic waste used for the fuel in the first facility.
UK plant in future plans
The first waste-to-fuel location is planned to be in the US, with an aspiration to roll-out similar plants in other countries, including the UK.
Tim Stedman, CEO of Agilyx, says: “We are pleased to be partnering with the Virgin Group to enable a technology solution for lower carbon fuels as it transitions on its journey to net zero. This platform is unique as it will be used for lower carbon fuels and has the future opportunity for the production of circular plastics.”