Information  X 
Enter a valid email address

Velocys PLC (VLS)

  Print          Annual reports

Tuesday 19 April, 2022

Velocys PLC

Further business update

RNS Number : 5570I
Velocys PLC
19 April 2022
 

19 April 2022 

Velocys plc

("Velocys" or the "Company")

Further business update

 

 

Velocys plc (AIM: VLS), the sustainable fuels technology company, is pleased to announce, f urther to the business update on 4 April 2022, that it has entered into a contract with a European renewable fuels developer to provide initial engineering services to a project, which is in the planning stages. Whilst the revenue for this initial stage of the project is de minimis (and project progression to material revenues to be determined), the agreement broadens the Company's customer base and demonstrates the ability to progress its pipeline of potential global customers towards commercial contracts. This is also in line with the aims of the Company's business development function, headed by Andy Bensley.

 

The Company has also agreed with British Airways ("BA") to extend both the UK Altalto project Joint Development Agreement and the Option Agr eement for BA to acquire 50% of Altalto Ltd by one year to 31 March 2023. The original option was signed on 12 May 2020 and initially extended on 30 March 2021.

 

Velocys offers its customers a technology solution enabling commercial scale production of sustainable synthetic fuels from a variety of waste materials, such as municipal, commercial and forestry residue. Sustainable aviation fuel, SAF, is the only commercially available alternative to fossil aviation fuels.

 

The importance of sustainable synthetic fuels from bio-based feedstocks was also recently highlighted by President Biden, as part of the US aviation decarbonisation agenda.

 

The Company's customer pipeline is growing with increased demand for the Velocys technology to ramp up the commercial scale production of sustainable synthetic fuels to accelerate the global clean energy transition, and to strengthen host country fuel independence.

 

 

---------

For further information, please contact:

Velocys

Henrik Wareborn, CEO

Andrew Morris, CFO

Lak Siriwardene, Director of Communications

+44 1865 800821

 

 

Panmure Gordon (UK) Limited (Nomad and Joint Broker)

Hugh Rich (Corporate Broking)

Emma Earl (Corporate Finance)

John Prior (Corporate Finance)

+44 20 7886 2500

 

 

Shore Capital Stockbrokers Limited (Joint Broker)

Henry Willcocks (Corporate Broking)

Toby Gibbs (Corporate Advisory)

James Thomas (Corporate Advisory)

+44 20 7408 4090

 

 

Radnor Capital (Investor Relations)

Joshua Cryer

Iain Daly

+44 20 3897 1830

 

 

Buchanan (Financial PR)

Helen Tarbet

Simon Compton

+44 20 7466 5000

 

Notes to Editors

 

Velocys is an LSE-listed, international sustainable fuels technology company, traded on the AIM, providing customers with a technology solution to enable the production of negative Carbon Intensity synthetic, drop-in fuels from a variety of waste materials. Synthetic fuel is the only commercially available, permanent alternative to fossil aviation fuels. The Velocys technology is IP-protected in all major jurisdictions.

 

Two reference projects (Bayou Fuels, US, and Altalto, UK) are designed to accelerate the adoption and standardise the Velocys proprietary Fischer Tropsch (FT) technology with an integrated end to end solution, including renewable power and carbon sequestration.

Velocys is enabling commercial scale synthetic fuel production in response to the clean energy transition, with significant additional positive air quality impacts.

www.velocys.com  

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDFIFVESSIALIF

a d v e r t i s e m e n t