News release

» News releases index


21st July 2017

Business update

Velocys plc (VLS.L), the renewable fuels company, provides the following business update.

With the production of saleable products at ENVIA Energy's GTL plant in Oklahoma City, Velocys has successfully demonstrated that its Fischer-Tropsch (FT) reactors and catalyst meet the performance requirements at a commercial scale. The Company is now actively transitioning from its previous focus on technology development, to the commercialisation of its technology in selected high value markets. 

On delivering a commercially robust FT product offering, the Company has now successfully completed the current phase of its development programme. As a consequence it has decided that its Milton Park, UK research and development activities will close and certain related activities will cease at its Plain City facility in Ohio. The Company will continue to maintain an ongoing commercial and operational office in the UK. The above developments will reduce the operational costs of the business on an annualised basis.

Velocys will continue to grow its operational base in Houston, Texas and build the capabilities required to take forward its new biorefinery delivery business model with its strategic partners.


For further information, please contact:

 

Velocys
David Pummell, CEO

+44 1235 841 700

Numis Securities (Nomad and joint broker)

Alex Ham
Stuart Skinner
Jamie Lillywhite
Tom Ballard

+44 20 7260 1000

Canaccord Genuity (Joint brokers)

Henry Fitzgerald-O'Connor
Ben Griffiths

+44 20 7523 8000

Camarco (financial communications & PR)

Billy Clegg
Georgia Edmonds

+44 20 3757 4983

 

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.


 

 

 

Velocys plc trades through its subsidiaries Velocys, Inc., 7950 Corporate Blvd, Plain City, Ohio 43064, USA (Registered in the State of Delaware, USA) and Velocys Technologies Ltd, 115e Olympic Avenue, Milton Park, Abingdon, OX14 4SA, UK (Registered in England No. 5258554). Terms & Conditions. "Velocys" and the Velocys logo are trademarks of Velocys. © 2017 Velocys. All Rights Reserved.