Velocys PLC Strategy/Company/Ops Update (9324L)
18 Enero 2021 - 1:00AM
UK Regulatory
TIDMVLS
RNS Number : 9324L
Velocys PLC
18 January 2021
Velocys plc
("Velocys" or "the Company")
18 January 2021
Project Altalto update
Velocys plc (VLS.L) announces that, by mutual consent of the
parties, Shell International Petroleum Company Limited ("Shell")
has withdrawn from the Altalto Joint Development Agreement.
The Altalto project has no immediate funding calls and will
continue according to its existing development plan. Velocys and
British Airways plc ("British Airways") will continue to work
together in order to secure finance for the Altalto Immingham
plant, and will continue the discussions with potential sources of
finance for the project, which have been underway for several
months and indicate strong interest in this sector. Velocys,
British Airways and Shell are continuing to work with HM Government
on policy development to support Sustainable Aviation Fuel ("SAF")
production in the UK.
Velocys and British Airways are grateful for Shell's support
during the initial stages of the Altalto project. As the project
progresses, Velocys, British Airways and potentially other new
partners will focus on the next stages. Preparations are underway
to apply for significant government funding for the Immingham
project. Whilst there is no guarantee that such an application
would be successful, the Company believes that the project is well
placed to achieve this.
Following the changes above, Shell will no longer have an option
over shares in Altalto Limited, nor any rights or obligations in
relation to the Altalto project. There is no direct financial
impact on Altalto or Velocys as a result of these changes.
Henrik Wareborn, Velocys CEO, said:
"We are looking forward to moving Altalto Immingham to the next
stage of development in 2021. Altalto Immingham is the most
advanced commercial SAF project in the UK and is ready to take
advantage of the strong push from both Government and industry for
the decarbonisation of aviation, especially using waste
feedstocks."
Sean Doyle, British Airways CEO, said:
"Sustainable Aviation Fuel (SAF) is vital to the decarbonisation
of aviation and to helping us achieve our net zero target. The
formation of the Jet Zero Council and the recent launch of its
Sustainable Aviation Fuels Delivery Group are testament to the
importance that the Government attaches to SAF. We are excited to
continue to work with Velocys, with the support of Government and
other private-sector partners."
Matthew Tipper, Shell VP New Fuels, said:
"Shell are pursuing multiple opportunities across our global
portfolio. On this occasion, we have decided to focus our resources
on other lower-carbon fuels opportunities which leverage our own
technology. We will continue to work with the aviation industry and
the UK Government, as part of the Jet Zero Council, to help
decarbonise UK aviation. We wish Altalto every success in the
future."
- Ends -
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.
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head of Communications & Sustainability +44 1865 800821
Panmure Gordon (UK) Limited (Nomad and Joint
Broker)
Dan Norman (Corporate Broking)
Emma Earl (Corporate Finance) +44 20 7886
John Prior (Corporate Finance) 2500
Shore Capital Stockbrokers Limited (Joint Broker)
Henry Willcocks (Corporate Broking)
Toby Gibbs (Corporate Advisory) +44 20 7408
Sarah Mather (Corporate Advisory) 4090
Radnor Capital (Investor Relations)
Joshua Cryer +44 20 3897
Iain Daly 1830
Field Consulting (General PR) +44 20 7096
Robert Jeffery 7730
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 at present 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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