Tuesday, February 13, 2007

Virgin Group to Invest 3 Billion in Renewables

Bill Clinton, Richard Branson and Al Gore

Sir Richard Branson needs fuel for his airline Virgin Atlantic. As a smart business person he sees the writing on the wall regarding fossil fuels. While we may run out of oil sometime in the not too distant future, we won’t run out of coal, but it is really hard to get a jumbo jet off the ground when it is full of coal. Sir Richard needs an alternative fuel, something that doesn’t come from unstable parts of the planet, something that can be renewed…

Sir Richard is investing in Ethanol. He is committing 3 Billion dollars to the development and distribution of the renewable fuel.

The founder of Virgin and Virgin Atlantic Airlines, Branson announced at the CGI he would invest all future profits of the Virgin Group’s transportation businesses — mainly airlines and trains — into renewable energy initiatives both within his own transportation companies and in new biofuel research and development projects.

“If we can develop alternative fuels, if people can take risks on developing enzymes, if we can try to get cellulosic ethanol, then replace the dirty fuels that we are using at the moment. Then I think we have got a great future, I do,” said Branson at the CGI.

The 10-year, $3 billion commitment follows the launch of his newest company earlier this month, Virgin Fuels, which pledged to invest up to $400 million dollars in renewable energy initiatives over the next three years, starting with the California-based ethanol company, Cilion, Inc.

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