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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
  -0.03 -0.49% 6.05 6.05 6.10 6.29 5.93 6.20 2,974,763 16:35:18
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Alternative Energy 0.3 -9.9 -1.9 - 64

Velocys PLC Toyo and Velocys execute a Collaboration Agreement

08/02/2021 7:00am

UK Regulatory (RNS & others)


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Velocys PLC

08 February 2021

News release

Velocys plc

("Velocys" or "the Company")

8 February 2021

Toyo and Velocys execute a Collaboration Agreement

Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce the signing of a collaboration agreement with Toyo Engineering Corporation (Toyo) to start the development of their commercial projects to produce Sustainable Aviation Fuel (SAF) and other renewable fuels in Japan.

The agreement follows on from the successful work already conducted in 2020 between Velocys and Toyo at the biomass-to-jet-fuel demonstration facility in Japan. This included the provision of technical engineering and operational services, as well as the completed construction and delivery of Velocys' Fischer-Tropsch (FT) technology.

As part of this new collaboration the parties have engaged in the preliminary engineering evaluation of the FT island in a joint effort to deliver a commercial scale biomass-to-jet fuel project in Japan.

As previously announced, Velocys will grant an exclusive right for Toyo to secure and use the licence and technical services of the Velocys FT Technology for the commercial plant in Japan. An advance deposit of $4 million was received in 2019 of which $3.5 million remains in escrow, which will be offset against future revenues.

In addition, the collaboration will extend to include the supply of the Velocys FT technology in other SAF, e-Fuels and biomass-to-liquids projects in the Japanese market. This will be led by Toyo, including other partners introduced by Toyo. Subsequent project execution for SAF, e-Fuels and other renewable fuel projects will be delivered by Toyo and their partners, potentially in Japan and other regions, with Velocys providing technical engineering and operational services around the FT technology.

Henrik Wareborn, CEO of Velocys, said:

"Velocys has a long-standing relationship with Toyo Engineering and today's collaboration agreement further supports this commitment. It indicates that Velocys is now firmly in the phase of delivering our commercial scale technology to our clients' commercial projects. Making our first steps into commercial delivery in the Japanese market strengthens our position in an additional geography to North America and Europe.

Our clients recognise the importance of our here-and-now technology solution for commercial scale projects, not only greatly reducing Scope 3 life-cycle carbon emissions but also resulting in synthetic fuels with air quality advantages over conventional fuels. We look forward to working with Toyo and their partners to enable the supply of modern low greenhouse-gas synthetic fuels to the Japanese market.

Whilst there is no immediate material impact on revenue, we are delighted that the collaboration provides a pathway to commercialisation in Japan."

Haruo Nagamatsu, CEO of Toyo, said:

" After the successful collaboration with the demonstration plant in Japan, we are pleased to be moving onto the next stage of the plan. The commercial deployment of the integrated technology that has been demonstrated during 2020, including the Velocys FT Technology, is now underway with the first stages of the engineering designs. We are pleased to be working with Velocys and their technical team and look forward to continuing our relationship."

----

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.

 
 For further information, please contact:  Velocys 
      Henrik Wareborn, CEO 
      Andrew Morris, CFO 
      Lak Siriwardene, Head of Communications & Sustainability    +44 1865 800821 
     Panmure Gordon (UK) Limited (Nomad and Joint Broker) 
      Dan Norman (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) 
      Sarah Mather (Corporate Advisory)                           +44 20 7408 4090 
     Radnor Capital (Investor Relations) 
      Joshua Cryer 
      Iain Daly                                                   +44 20 3897 1830 
     Field Consulting (General PR) 
      Robert Jeffery                                              +44 20 7096 7730 
 

Notes to Editors

Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from municipal solid waste and residual woody biomass.

Velocys is at present developing two reference projects: one in Natchez, Mississippi, USA (incorporating Carbon Capture, Utilisation and Storage) and one in Immingham, UK, to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport. Originally a spin-out from Oxford University, in 2008 the Company acquired a US company based on complementary reactor technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.

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

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February 08, 2021 02:00 ET (07:00 GMT)

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