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Velocys PLC - US SBA loan approved

RNS Number : 6473J
Velocys PLC
15 April 2020
 

News Release

 

Velocys plc

("Velocys" or "the company")

 

             

15 April 2020

 

 

US SBA loan approved

 

Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce the approval of a $709,000 loan from the Pay-check Protection Program awarded by the Small Business Administration (SBA), a US Federal Agency

 

The SBA program is part of the Federal stimulus package known as the CARES (Coronavirus Aid, Relief and Economic Security) Act to offer help to small businesses in the USA during the Covid-19 crisis. 

 

This unsecured loan has been awarded to support Velocys' US payroll costs in the short-term. It is an unsecured loan with a 2-year maturity and 0.98% interest.  No interest or principal payments are due in the first six months.  The loan is however eligible for "forgiveness", becoming non-repayable upon application by Velocys after 60 days from receipt if used for retaining US employees and maintaining US payroll costs of at least this amount in the period until the end of June 2020.  Velocys is confident that it will meet the criteria for this "forgiveness".

 

Velocys expects to draw down on the loan shortly.

 

 

 

--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)

Robert Jeffery

 +44 20 7096 7730

Notes to Editors

 

Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licences proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and transport fuel from municipal solid waste and waste woody biomass.

 

Velocys is currently developing projects in Natchez, Mississippi, USA (incorporating Carbon Capture Use and Storage) and 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


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.
 
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Quick facts: Velocys Plc

Price: 6.18

Market: AIM
Market Cap: £68.93 m
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