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VLS Velocys Plc

0.2725
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Velocys PLC Altalto Immingham Project Update (8457Y)

10/05/2023 7:00am

UK Regulatory


Velocys (LSE:VLS)
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TIDMVLS

RNS Number : 8457Y

Velocys PLC

10 May 2023

10 May 2023

News Release

Velocys plc

("the Company")

Altalto Immingham Project Update

Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that further to the award of the grant from the UK Government's Department for Transport ("DfT") Advanced Fuel Funds of up to GBP27 million for the Altalto Immingham Sustainable Aviation Fuel ("SAF") Project, announced on 12 December 2022, Altalto Ltd* has completed the work necessary to claim the first tranche (GBP7 million) of the grant up to 31 March 2023. In addition, as planned, the project has obtained the first tranche of private funding for the period from 1 April 2023 from its existing private sector participants.

The Altalto project's aim is to deliver a commercial waste-to-SAF plant in Immingham, UK. The DfT grant and matched funding will enable Altalto to complete the Front-End Engineering Design ("FEED") stage of the project. Following the completion of FEED and a successful final investment decision, construction will commence in 2025 with full commercial operation expected in 2028.

Since the award of the DfT grant in December, the Altalto Immingham Project has entered into a number of technology license and engineering services agreements with project technology licensors and the FEED contract with Bechtel Limited, utilising the first tranche of grant funds provided by the DfT. Pursuant to the terms of the grant, further draw down of the grant is subject to demonstration of project milestones with matched funding requirements to be met over the two years to 31 March 2025.

In March 2023, the Company announced the appointment of a leading global investment bank to advise on the financing of Velocys' Reference Projects and to assist in obtaining the matched funding from private sector investors, which is on track to be in place during Q4 2023.

As previously announced, Velocys' cash contribution to the Altalto Project over two years from April 2023, including its contribution to the first tranche of private funding of GBP1 million, is not expected to exceed GBP8 million, with Velocys intending to recover any funding it provides at the earlier development stages (as from 1 April 2023 onwards) following receipt of third party project investment.

* a wholly owned subsidiary of the Company.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation.

For further information, please contact:

 
 Velocys 
  Henrik Wareborn, CEO 
  Philip Sanderson, CFO                          +44 1865 800821 
 Panmure Gordon (UK) Limited (Nomad and Joint 
  Broker) 
  Hugh Rich (Corporate Broking) 
  Emma Earl (Corporate Finance) 
  John Prior (Corporate Finance)                 +44 20 7886 2500 
 Shore Capital Stockbrokers Limited (Joint 
  Broker) 
  Henry Willcocks (Corporate Broking) 
  Toby Gibbs (Corporate Advisory) 
  James Thomas (Corporate Advisory)              +44 20 7408 4090 
 Radnor Capital (Investor Relations) 
  Joshua Cryer 
  Iain Daly                                      +44 20 3897 1830 
 Buchanan (Financial PR) 
  Helen Tarbet 
  Simon Compton                                  +44 20 7466 5000 
 

--Ends-

Notes to Editors

Velocys is an LSE-listed, international sustainable fuels technology company, traded on the AIM, providing customers with a technology solution to enable the production of negative Carbon Intensity synthetic, drop-in fuels from a variety of waste materials. Synthetic fuel is the only commercially available, permanent alternative to fossil aviation fuels. The Velocys technology is IP-protected in all major jurisdictions.

Two reference projects (Bayou Fuels, US, and Altalto Immingham, UK) are designed to accelerate the adoption and standardise the Velocys proprietary Fischer Tropsch (FT) technology with an integrated end to end solution, including renewable power and carbon sequestration.

Velocys is enabling commercial scale synthetic fuel production in response to the clean energy transition, with significant additional positive air quality impacts.

www.velocys.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFLFEEERIAIIV

(END) Dow Jones Newswires

May 10, 2023 02:00 ET (06:00 GMT)

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