Fund raise of over £10 million
On 15 May 2017 Velocys secured additional funding of over £10m (before expenses and subject to the passing of certain resolutions at a general meeting). Use of the proceeds will include the funding of working capital during Velocys' first phase of strategy implementation as well as a number of initiatives to support the development of the integrated plant offer in the renewable fuels focus market. Read more… Webcast…
Financial results for the year ended 31 December 2016
The financial results for 2016 were announced on the same day as the fundraise. David Pummell commented, "2016 has been a year of establishing a platform for Velocys' future growth. I have been enormously impressed with the advances made month-by-month by the high-performing on-site team at the ENVIA plant, and first product has now been achieved. Building on that position, our strategy has defined Velocys' future direction and the recent fundraise maintains our financial position so that we can start to implement the entry into our focus markets, with an initial focus on renewable fuels in the US." Read more… 2016 annual report and accounts
Update from ENVIA Energy's Oklahoma City plant
Following the milestone of producing first Fischer-Tropsch (FT) product at ENVIA Energy's GTL plant (Read more…) the operations team has completed debugging activities on several non-Fischer-Tropsch units of the plant (which are routine at this stage of starting up a plant of the complexity of the ENVIA plant), and is continuing to implement the pre-planned procedure of ramping up production to target operational capacity over the coming months.
The available performance data from the Oklahoma City plant (for example, for syngas purity, methane selectivity, liquid production, carbon monoxide conversion and activity index) meets the performance expectations set using models based on laboratory and pilot studies. Targets for the conversion of syngas to FT products and the yield of liquid products were achieved within 12 hours of the first start-up of the FT modules (the equivalent of one shift of plant operators).
Confirmation of strategic alliance with Morimatsu
Early in March Velocys announced that it had signed a definitive agreement covering its strategic alliance with Morimatsu, a leading Japanese fabrication and engineering firm. The companies are working together, and with Velocys' other alliance partners, to further reduce the costs and optimising engineering designs for delivering multiple plants. Read more…