Velocys PLC JDA extension with British Airways & Shell signed (5608M)
12 Maggio 2020 - 8:00AM
UK Regulatory
TIDMVLS
RNS Number : 5608M
Velocys PLC
12 May 2020
News Release
Velocys plc
("the Company")
12(th) May 2020
JDA extension with British Airways and Shell signed
Velocys plc (VLS.L), the sustainable fuels technology company,
is pleased to announce that it has secured a further GBP1m funding
for the Altalto waste-to-fuels project from British Airways PLC and
Shell International Petroleum Company Limited ("Shell"). This GBP1m
will be payable before 30(th) June 2020.
The proposed Altalto Immingham plant is to convert hundreds of
thousands of tonnes per year of residual waste into sustainable
fuels, mainly aviation fuel. The project is being executed under a
Joint Development Agreement ("JDA") between British Airways, Shell,
and Velocys. This JDA has now been extended as planned in order to
support the continued technical and commercial development of the
project.
British Airways and Shell have each now been granted an option
to take a one-third share in the equity capital of Altalto Limited
(a subsidiary of the Company) at a strike price of GBP1, as a
pre-cursor to a full Shareholders' Agreement for Altalto Limited in
due course.
Henrik Wareborn, Velocys CEO, said:
"We are very pleased to have the continued support of British
Airways and Shell as we move forward together with the Altalto
project. Their commitment, during these uncertain times for the
global economy, underlines the importance of this project for the
aviation and fuels industries as we strive together to achieve net
zero carbon emissions."
--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
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
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END
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