Agilyx AS (AGLX) - Virgin Group and Agilyx to form strategic partnership to produce lower carbon fuel

OSLO, Norway, February 15, 2022 - Virgin Group and chemical conversion
technology company Agilyx have announced they are forming a strategic
partnership to research and develop lower carbon fuel facilities to help address
plastic pollution and the global transition to net zero.

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.  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.  

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.

The first mixed waste plastic-to-fuel location is planned to be in the US, with
an aspiration to roll-out similar plants in other countries, including the UK.

 
Agilyx's proprietary technology is able to break down plastic waste through a
pyrolysis process.  Pyrolysis converts mixed waste plastic into a synthetic
crude oil which, once further refined, can be used as a lower carbon fuel. The
optimum size for a mixed waste plastic unit is around 200 tons per day.  

Josh Bayliss, CEO of the Virgin Group, says: "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."

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.  We view plastic waste as a valuable above ground resource
that is not widely tapped into.  Through our technology, we aim to unlock the
value of plastic waste that otherwise may have been destined for landfill or
incineration." 

Shai Weiss, CEO of Virgin Atlantic, says: "In this decade, Sustainable Aviation
Fuel is the key solution for decarbonisation 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."

-ends-

For further information:
Charlotte Sjoberg
Communications Director, UK, Virgin
[phone]
[e-mail]

Kate Ringier
VP, Communications & Government Affairs, Agilyx
+ 41 43 883 0396
[e-mail]

Virgin Atlantic
For further press information about Virgin Atlantic, please contact the Virgin
Atlantic press office on [e-mail]  or call 01293 747373.   

Ryan Kisiel
Head of Sustain, Maitland /AMO
[phone]
[e-mail]
 
Notes to editors
Virgin companies which are expected to be early adopters of the lower carbon
fuel include Virgin Atlantic, Virgin Australia and Virgin Orbit.  Virgin Voyages
will also explore how the lower carbon fuel could advance its net zero goals.

About Virgin
The Virgin Group is a leading international investment group and one of the
world's most recognised and respected brands. Created in 1970 with the birth of
Virgin Records, the Virgin Group has gone on to invest in, incubate, and grow a
number of successful businesses in the private and public markets. The Virgin
Group has expanded into many sectors since its inception, driven by Sir
Richard's ambition to create the world's most irresistible brand. These sectors
include travel & leisure, financial services, health & wellness, technology &
internet-enabled, music & entertainment, media & mobile, space, and renewable
energy. Avoiding the impacts of climate change is a key priority for the Virgin
branded businesses and we believe that all Virgin branded companies should
achieve net zero emissions by 2050 or sooner, further details on this will be
published in the Virgin Group sustainability report later this year. Find out
more at www.virgin.com.

About Agilyx
Agilyx is a technology company that enables customers to recycle
difficult-to-recycle post-use plastics to high value, virgin-equivalent
products. With a focus on diversion and conversion of plastic waste, Agilyx is
uniquely positioned with a molecular recycling technology offering and an
integrated feedstock solution by way of Cyclyx, an innovative feedstock
management consortium of partners that drives up global plastic recycling rates
by chemically fingerprinting plastic waste and matching it to appropriate
recycling processes. Agilyx was the first to establish a commercial scale closed
loop plastic-to-plastic chemical recycling facility and holds more than 17
patents.  Agilyx conversion technology utilises pyrolysis without a catalyst and
can convert mixed waste plastic to naphtha and fuels or depolymerize specific
plastics such as polystyrene and PMMA (acrylic) back into virgin-quality
products. Learn more at www.agilyx.com.

About Virgin Atlantic  
Virgin Atlantic was founded by entrepreneur Sir Richard Branson in 1984, with
innovation and amazing customer service at its core. In 2021, Virgin Atlantic
was voted Britain's only Global Five Star Airline by APEX for the fifth year
running in the Official Airline Ratings. Headquartered in London, it employs
6,500 people worldwide, flying customers to 27 destinations across four
continents. Alongside shareholder and Joint Venture partner Delta Air Lines,
Virgin Atlantic operates a leading transatlantic network, with onward
connections to more than 200 cities around the world. On 3 February 2020, Air
France-KLM, Delta Air Lines and Virgin Atlantic launched an expanded Joint
Venture, offering a comprehensive route network, convenient flight schedules,
competitive fares and reciprocal frequent flyer benefits, including the ability
to earn and redeem points / miles across all carriers.     
    
Sustainability remains central to Virgin Atlantic, having taken an industry
leadership position through its long-standing support for SAF commercialisation
and fleet transformation programme. Since September 2019, the airline has
welcomed eight new Airbus A350-1000 with a further A350-100 and three A339s
entering the fleet in 2021. By the end of 2022 the average fleet age will be
just over six years, driving a fuel efficiency (CO2 /RTK) improvement of 30%
compared with 2007.  For more information visit www.virginatlantic.com or via
Facebook, Twitter and Instagram @virginatlantic.

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