Velocys PLC US SBA loan approved (6473J)
15 Aprile 2020 - 8:00AM
UK Regulatory
TIDMVLS
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) +44 20 7096
Robert Jeffery 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
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END
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