Velocys PLC Further business update (5570I)
April 19 2022 - 2:02AM
UK Regulatory
TIDMVLS
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.
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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
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