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Velocys PLC - Further F4C grant from Department for Transport

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 £0.5m 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 £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 £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)

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 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


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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