VLS Velocys Plc

TIDMVLS

RNS Number : 6944L

Velocys PLC

21 July 2017

News release

Velocys plc

("Velocys" or "the Company")

21 July 2017

Business update

Velocys plc (VLS.L), the renewable fuels company, provides the following business update.

With the production of saleable products at ENVIA Energy's GTL plant in Oklahoma City, Velocys has successfully demonstrated that its Fischer-Tropsch (FT) reactors and catalyst meet the performance requirements at a commercial scale. The Company is now actively transitioning from its previous focus on technology development, to the commercialisation of its technology in selected high value markets.

On delivering a commercially robust FT product offering, the Company has now successfully completed the current phase of its development programme. As a consequence it has decided that its Milton Park, UK research and development activities will close and certain related activities will cease at its Plain City facility in Ohio. The Company will continue to maintain an ongoing commercial and operational office in the UK. The above developments will reduce the operational costs of the business on an annualised basis.

Velocys will continue to grow its operational base in Houston, Texas and build the capabilities required to take forward its new biorefinery delivery business model with its strategic partners.

- Ends -

For further information, please contact:

 
 Velocys                              +44 1235 841 
  David Pummell, CEO                   700 
 Numis Securities (Nomad and joint 
  broker) 
  Alex Ham 
  Stuart Skinner 
  Jamie Lillywhite                    +44 20 7260 
  Tom Ballard                          1000 
 Canaccord Genuity (Joint broker) 
  Henry Fitzgerald-O'Connor           +44 20 7523 
  Ben Griffiths                        8000 
 
 Camarco (Financial communications 
  & PR) 
  Billy Clegg                         +44 20 3757 
  Georgia Edmonds                      4983 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 21, 2017 02:01 ET (06:01 GMT)

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