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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 |
TIDMVLS
RNS Number : 0399O
Velocys PLC
15 May 2018
News release
Velocys plc
("Velocys" or "the Company")
15 May 2018
ENVIA plant update
Velocys plc (VLS.L), the renewable fuels company, announces that it has been informed by ENVIA Energy, LLC (the operator of the ENVIA Oklahoma City plant and licensee of the Company's reactor and catalyst technology) that a leak has been detected that is believed to have originated inside one of the plant's two Fischer-Tropsch (FT) reactors. The Company is confident that the issue is not a result of a flaw in the core Velocys FT technology.
Based on the preliminary investigation by ENVIA and supported by Velocys personnel, the Company currently believes the root cause of the issue originated with the design of an ancillary system.
Velocys, as licensor of the FT technology, is working with the ENVIA team as well as third party consultants to verify the root cause of the leak and to support the development of a solution that will return the plant to full operation with minimal loss of revenue.
Until the issue has been remedied, the aim will be to operate the Oklahoma City plant using one reactor. It is unlikely that the plant will become cash flow positive in Q2 2018 as previously expected. Velocys remains committed to the ENVIA plant and will work with ENVIA to assess the likely repair cost and consequent funding requirements.
An update will be provided in due course.
- Ends -
For further information, please contact:
Velocys David Pummell, CEO +44 1235 838 621 Numis Securities (Nomad and joint broker) Alex Ham Stuart Skinner Jamie Lillywhite Tom Ballard +44 20 7260 1000 Canaccord Genuity (Joint broker) Henry Fitzgerald-O'Connor Ben Griffiths +44 20 7523 8000 Camarco (UK financial communications & PR) Billy Clegg Georgia Edmonds Tom Huddart +44 20 3757 4983 Scoville Public Relations (US public relations) +1 206 625 0075 John Williams #1
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.
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This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDEANSLFFNPEFF
(END) Dow Jones Newswires
May 15, 2018 02:00 ET (06:00 GMT)
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