Virgin Group, Agilyx form partnership to produce lower carbon fuel
Virgin Group has announced it is forming a strategic partnership with Agilyx to research and develop lower carbon fuel facilities to help address plastic pollution and the global transition to net zero.
Virgin Group and Agilyx, a chemical conversion technology company, want to produce synthetic crude oil from plastic waste that will then be refined into a lower carbon fuel. Waste plastic will be diverted from landfill and will help to broaden options in the market for lower carbon fuels. Although the fuel will not be exclusive to Virgin Group, Virgin companies are expected to be early adopters as part of the group’s transitional plans to achieve net zero by 2050.
Agilyx’s technology is able to break down plastic waste through a pyrolysis process. This converts mixed waste into a synthetic crude oil which, once further refined, can be used as a lower carbon fuel.
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. The creation of lower carbon fuel is an important step in the journey towards net zero. We are very pleased to be adding this project to the range of investments we continue to make aimed at addressing these issues.”
Shai Weiss, CEO of Virgin Atlantic, added: “In this decade, sustainable aviation fuel is the key solution for decarbonization of the aviation sector but we have a long way to go. Clearing the skies for tomorrow requires radical collaboration across innovators, producers, investors and airlines. We are delighted that Virgin Group and Agilyx are leading the charge to pilot new pathways in lower carbon fuels and we look forward to working closely with them to achieve our 10% SAF target by 2030.”
Virgin Group intends to work with Agilyx, one of its venture capital investments, on developing the production facilities based on its conversion technology. The first waste-to-fuel location is planned to be in the U.S., with an aspiration to roll-out similar plants in other countries, including the UK.
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