A Bristol law firm has been appointed to advise aviation fuel producer Firefly Green Fuels on the £5m equity investment from Wizz Air.
Burges Salmon will advise the Bristol-headquartered fuel producer on Wizz Air's first equity investment in sustainable aviation fuel (SAF) research and development, which was announced last month. The partnership with Firefly will allow the airline to supply SAF to its UK operations from 2028, up to 525,000 tonnes over 15 years. The agreement has the potential to save 1.5m tonnes of CO2-eq.
Firefly specialises in a process, which converts sewage sludge, a low-value waste product available in large quantities, into SAF. Firefly’s SAF, which will be independently certified against the leading sustainability standard RSB, is projected to deliver a 90% reduction in greenhouse gas emissions compared to fossil jet fuel on a life cycle basis.
Read more: Bristol Airport reintroduces regular flights to Cork
The partnership between the major airline and local business has the "potential to have a dramatic positive environmental impact" according to Burges Salmon. The firm will deliver its NetZero expertise, corporate capabilities and track record in helping businesses developing transformative clean technologies to raise capital from institutional and corporate investors.
The Burges Salmon team advising on the deal comprise partner Alex Lloyd and solicitor Elena Kaltsas, from the firm’s Corporate Group along with Projects team members, partner Nick Churchward and director Emma Andrews.
James Hygate, chief executive of Firefly Green Fuels, said: “We are very grateful to Burges Salmon for steering our team through what was a complex and demanding transaction and helping us establish this exciting partnership with Wizz Air. The investment will accelerate the commercialisation of our game-changing Firefly process, with the binding offtake agreement saving a staggering 1.5m tonnes of carbon emissions. Firefly will facilitate a step change towards the future of air travel.”
Mr Lloyd added: “This is a milestone investment for Firefly and we are proud to have been able to play our part in enabling this really exciting and important aviation sector deal.”
Read next:
Record cruise ship visit christens new £26m berth development at Portland Port
Caffè Nero opens a new Bristol Airport store, creating 15 jobs
Hinkley Point C to offer 30,000 training courses to help complete nuclear plant
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
