Velocys PLC Further F4C grant from Department for Transport (7391P)
12 Junio 2020 - 1:00AM
UK Regulatory
TIDMVLS
RNS Number : 7391P
Velocys PLC
12 June 2020
News Release
Velocys plc
("Velocys" or " the Company ")
12 June 2020
Further F4C grant from Department for Transport
Velocys plc (VLS.L), the sustainable fuels technology company,
is pleased to announce that it has secured a further GBP0.5m of
grant funding for the Altalto waste-to-fuels project from the
Department of Transport (DfT), under the Future Fuels for Flight
and Freight Competition (F4C) .
The proposed Altalto Immingham plant is planned to convert
hundreds of thousands of tonnes per year of residual waste into
sustainable fuels, mainly aviation fuel.
Velocys was awarded a grant of GBP 0.4m in Stage One of the F4C
in 2018, and was shortlisted to receive an award in Stage Two. The
DfT has now made GBP 0.5m of the Stage Two grant available to
Velocys. Velocys is one of the two remaining companies expected to
receive the balance of funding in Stage Two, subject to completion
of future project milestones.
Henrik Wareborn, Velocys CEO, said:
" We are very pleased to have the continued support of the
Department for Transport for this project. The Altalto project is a
key step towards a substantial supply of Sustainable Aviation Fuel
in the UK, which is essential for meeting net zero carbon targets.
This grant, particularly at the present time, underlines the
importance of our project to the Government ' s plans for a green
recovery. "
--Ends--
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head of Communications &
Sustainability +44 1865 800821
Numis Securities (Nomad and joint broker)
Stuart Skinner
Emily Morris
Alamgir Ahmed +44 20 7260 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O'Connor
James Asensio +44 20 7523 8000
Radnor Capital (Investor relations)
Joshua Cryer
Iain Daly +44 20 3897 1830
Field Consulting (PR) +44 20 7096
Robert Jeffery 7730
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
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
municipal solid waste and residual woody biomass.
Velocys is currently developing two reference projects: one in
Natchez, Mississippi, USA (incorporating Carbon Capture,
Utilisation and Storage) and one 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 technology developed at the Pacific
Northwest National Laboratory. Velocys is headquartered in Oxford
in the United Kingdom.
www.velocys.com
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END
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