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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Velocys Plc | LSE:VLS | London | Ordinary Share | GB00B11SZ269 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.2725 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
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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(END) Dow Jones Newswires
July 21, 2017 02:01 ET (06:01 GMT)
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