6th January 2016
Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), is pleased to announce the appointment of David Pummell as Chief Executive Officer with immediate effect.
With over 30 years of energy and oil industry experience, David joins Velocys from ACAL Energy Ltd, a private equity backed fuel cell technology company developing products for the automotive and stationary power sectors, where he was CEO.
Prior to this, David was CEO of MAPS Technology Ltd, where he successfully commercialised the technology leading to its subsequent acquisition by GE, before becoming CEO of Ceres Power Group plc, a developer of fuel cell micro combined heat and power (CHP) products for the domestic stationary power sector. He began his career at BP plc as a chemical engineer before going on to hold a number of executive positions across the downstream business, including petrochemical manufacturing, supply chain, new business start-ups and a number of senior business and functional management roles during his 22 year tenure.
David has a first class BSc Honours degree in chemical engineering.
Pierre Jungels, CBE, Chairman of Velocys, said:
"The Board is delighted to welcome David as Velocys' new CEO to lead the Company during its commercial phase. His extensive experience, complementary skill set and outstanding track record of commercialising technologies means that he is ideally positioned to drive forward the Company's next phase of growth. David's appointment completes the Company's strong and established senior management team and we all look forward to working with him going forward."
David Pummell, CEO of Velocys commented:
"I admire the Velocys technology with its global market leading position in smaller scale GTL and impressive investor backing. I am delighted to be joining the Company at such an exciting time and continue building on an excellent foundation provided to globally commercialise the technology and grow the business at pace. I look forward to setting out my strategic vision for this growth in the coming months."
There is no information that is required to be disclosed with regards to the appointment of David William Pummell, aged 53, pursuant to Schedule 2 paragraph (g) of the AIM Rules, save as set out below:
Current directorships and partnerships
Directorships and partnerships held within the past five years
Ceres Power Holdings plc
Ceres Power Limited
Ceres Intellectual Property Company Limited
MAPS Technology Limited
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Numis Securities (Nomad and Broker)
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Camarco (financial communications & PR)
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Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL) that turns natural gas or biomass into premium products such as diesel, jet fuel, waxes and base oils. Smaller scale GTL adds value to shale gas and bio-waste, and makes stranded or flared gas economic – an untapped market of up to 25 million barrels per day.
Velocys technology, protected by several hundred patents in over 30 countries, is specifically designed for smaller scales, combining super-active catalysts with intensified reactor systems. The Company's standardised modular plants are easier to ship and faster to install, at lower risk, even in the most remote or challenging locations. Together with world-class partners, Velocys works flexibly to unlock gas resources of 15,000 to 150,000 mmbtu per day, allowing more companies to take advantage of more opportunities.
Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company is well capitalised and has a multi-disciplinary staff of around 100 operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. Its first commercial plant, funded by Waste Management (NYSE: WM), NRG Energy (NYSE: NRG) and Ventech Engineers, is expected to reach mechanical completion in H1 2016.
Think Smaller™. Velocys is changing the way fuels are made.