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Velocys PLC - Planning Committee approve waste-to-jet-fuel plant

RNS Number : 5016N
Velocys PLC
20 May 2020
 

 

News Release

 

Velocys plc

("the Company")

 

             

20th May 2020

 

 

NELC Planning Committee approves waste-to-jet-fuel plant

 

Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that resolution to grant planning permission has been given to Altalto Immingham, the UK's first commercial waste-to-jet-fuel plant, by North East Lincolnshire Council (NELC)'s Planning Committee. A formal decision notice will then be issued subject to the completion of standard legal agreements with NELC. All statutory consultees have indicated their acceptance of the plan.

 

The proposed Altalto Immingham plant is to convert hundreds of thousands of tonnes per year of non-recyclable everyday household and commercial waste, otherwise destined for landfill or incineration, into cleaner burning sustainable aviation fuel (SAF). The project is a collaboration between Velocys, British Airways PLC and Shell International Petroleum Company Limited ("Shell"). It is expected to create 130 permanent skilled jobs and many more during construction.

 

The fuel, based on technology supplied by Velocys, offers net greenhouse gas savings of around 70% for each tonne of conventional jet fuel it displaces. It would also improve air quality, with up to 90% reduction in particulate matter (soot) from aircraft engine exhausts and almost 100% reduction in sulphur oxides.

 

Subject to additional funding and financial close, construction is targetted to begin in 2022, and the facility could be producing fuel from 2025.

 

Henrik Wareborn, CEO at Velocys, said:

 

"It's fantastic news that the Planning Committee has approved our waste-to-jet-fuel project, which will be a first for the UK. Sustainable aviation fuels are essential for decarbonising this challenging sector and achieving net zero emissions by 2050. That's why Velocys are calling on the Government to co-ordinate policy between departments to help us fund a fleet of world leading sustainable aviation fuel facilities in the UK."

 

Cllr Philip Jackson, Leader, North East Lincolnshire Council, said:

 

"This development cements North East Lincolnshire's place at the heart of the UK's green industrial revolution, an area already renowned for its fuels production and offshore wind industry."

 

"For such a high profile project to choose North East Lincolnshire just shows how competitive we are for the investment market, and with projects like this choosing our patch just shows how we can work with the private sector to make locating here an easy choice."

 

"I look forward to seeing what this will mean in terms of real jobs for local people, both during the construction phase and when the project is operational in the longer term."

 

--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

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 waste 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


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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