IAG has signed an MoU with Velocys, the sustainable fuels technology company, to acquire 220,000 tonnes of sustainable aviation fuel (SAF) over ten years.
The 220,000 tonnes equate to one third of the planned output of the company´s new Bayou Fuels project in the US when it begins delivery in 2026. The SAF will be used by IAG airlines including British Airways, Aer Lingus and Iberia. The technology used in this project will capture CO2 from the manufacturing process to permanently remove it from the atmosphere.
The company will purchase one million tonnes of sustainable jet fuel per year enabling it to cut its annual emissions by two million tonnes by 2030. This equates to removing one million cars from Europe’s roads each year.
“IAG is investing US$400 million in the development of sustainable aviation fuel in the next 20 years,” said Luis Gallego, IAG´s chief executive. “This new agreement is another important step towards achieving our goal of ten per cent sustainable aviation fuel use by 2030.”
“This is another step in our long-standing partnership with IAG,” said Henrik Wareborn, Velocys’ Chief Executive. “Velocys offers an end-to-end technology solution to its clients enabling the production of SAF from waste feedstocks and the integration of carbon capture technology. It´s great to continue working with IAG on its journey to net zero by 2050.”
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