Velocys PLC Velocys secures order for biorefinery licence (8678M)
September 19 2019 - 1:00AM
UK Regulatory
TIDMVLS
RNS Number : 8678M
Velocys PLC
19 September 2019
News release
Velocys plc
("Velocys" or "the Company")
19 September 2019
Velocys secures order for biorefinery licence in Japan
Velocys plc (VLS.L) is pleased to announce that it has secured a
purchase order and technical service agreements with Toyo
Engineering Corporation (Toyo) for the use of Velocys technology in
a publicly funded demonstration facility in Nagoya, Japan, as well
as an advanced deposit for the use of the Velocys technology by
Toyo in a subsequent commercial plant.
Toyo has placed an order with Velocys, worth approximately $0.5
million (GBP0.4 million), to supply its Fischer-Tropsch (FT)
technology, equipment and catalyst for a biomass-to-jet fuel
demonstration facility currently under construction by a consortium
of Japanese companies.
In addition, Velocys has agreed that it will grant an exclusive
right for Toyo to secure and use the licence and technical services
of the Velocys FT Technology for a future potential commercial
plant in Japan with an advance deposit of $4 million (GBP3.2
million). The deposit will be paid in a non-refundable tranche of
$0.5 million (GBP0.4 million) and a further tranche which is
potentially refundable and subject to milestones.
Henrik Wareborn, CEO of Velocys, said:
"I am delighted with this further evidence of the global demand
for sustainable aviation fuels and for our technology, which has
already been demonstrated at commercial scale. I am proud that
Velocys technology has been chosen to be part of this publicly
funded demonstration facility, which is an important step towards a
commercial application in Japan. We appreciate the commitment of
Toyo, and we look forward to working with them and their partners
to complete the demonstration and to support the expected future
commercial plant."
For further information, please contact:
Velocys +44 1235 838
Henrik Wareborn, CEO 621
Numis Securities (Nomad and joint broker)
Alex Ham
Stuart Skinner
Tom Ballard +44 20 7260 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O'Connor
James Asensio +44 20 7523 8000
Camarco (Investor relations)
Billy Clegg
Tom Huddart +44 20 3757 4983
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.
www.velocys.com
Notes to editors
Velocys is a British sustainable fuels technology company.
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. Over 15 years Velocys
has developed proprietary Fischer-Tropsch technology that enables
the production of drop-in transport fuels from the embedded
carbon-sources in a variety of waste materials. Having demonstrated
its technology at commercial scale, Velocys is currently developing
projects in Natchez, Mississippi, USA and Immingham, UK to produce
fuels that significantly reduce both greenhouse gas emissions and
key exhaust pollutants for aviation and road transport.
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END
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