Information  X 
Enter a valid email address

Velocys PLC (VLS)

  Print          Annual reports

Tuesday 14 September, 2021

Velocys PLC

US government SAF policy support

RNS Number : 6384L
Velocys PLC
14 September 2021
 

News Release

 

Velocys plc

("the Company")

 

 

14 September 2021

 

 

US government SAF policy support

 

White House accelerates critical policy support for SAF production: Velocys' Bayou Fuels reference project in Mississippi well positioned to benefit

 

Velocys plc (VLS.L) welcomed the US Government announcement last week of a set of comprehensive new policy actions in support for Sustainable Aviation Fuel (SAF) production in the US. Velocys is cited in a White House briefing paper setting out the Biden administration's plans to incentivise commercial scale supply of SAF in the US to meet decarbonisation objectives while stimulating economic growth.

 

The briefing factsheet can be viewed at:

https://www.whitehouse.gov/briefing-room/statements-releases/2021/09/09/fact-sheet-biden-administration-advances-the-future-of-sustainable-fuels-in-american-aviation/

 

The central new policy incentive is a Sustainable Aviation Fuel tax credit as part of the Build Back Better Agenda. This credit will help cut costs and rapidly scale domestic production of sustainable fuels for aviation. The proposed tax credit requires at least a 50% reduction in lifecycle greenhouse gas emissions and offers increased incentive for greater reductions.

 

In addition, the US government plans to make available new and ongoing funding opportunities to support sustainable aviation fuel projects and fuel producers totalling up to $4.3 billion.

 

T his follows on from Velocys' announcement that the UK Government supported the Altalto SAF project in the UK with a grant award of £2.4m to British Airways and Velocys, and the Japanese Government support for our clients in Japan who are expected to use Velocys' patented FT technology for a commercial scale biorefinery producing SAF from woodchips.

 

Henrik Wareborn, Velocys CEO, said:

 

"The momentum in the transition away from fossil fuels into sustainable synthetic fuels is growing globally. Velocys proprietary Fischer Tropsch microchannel technology provides the core enabling conversion process for commercial scale production of SAF from a range of abundantly available sustainable feedstocks with no other alternative use.

 

"The announcement by the Biden administration last week provides critical support for our leading reference project in Mississippi supporting attractive investment returns for energy transition investors driving decarbonisation of aviation."

 

---------

 

For further information, please contact:

Velocys

Henrik Wareborn, CEO

Andrew Morris, CFO

Lak Siriwardene, Director of Communications & Sustainability

+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)

+44 20 7408 4090

Radnor Capital (Investor Relations)

Joshua Cryer

Iain Daly

+44 20 3897 1830

 

 

Field Consulting (General PR)

Rob Jeffery

+44 20 3697 7953

 

 

Notes to Editors

 

Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from residual woody biomass and municipal solid waste. The Velocys technology can also enable the production of zero carbon fuels for the airline industry from renewable power and CO2.

 

Velocys is at present developing two reference projects: the Bayou Fuels project in Natchez, Mississippi, USA (incorporating Carbon Capture and Storage) and the Altalto project in Immingham, UK, to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport. Originally a spin-out from Oxford University, in 2008 the Company acquired a US company based on complementary reactor technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.

 

www.velocys.com

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. 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.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

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
 
 
NRASFFESDEFSEIU

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