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10th Feb 2022

Leadership update

Velocys plc (VLS. L), the sustainable fuels technology company, announces the following changes to its management team.

Management Team

Andy Bensley has joined Velocys as the Global Head of Business Development and Technology delivery. He comes with 35 years of international experience in senior corporate, functional leadership and project delivery roles in both major IOC’s and EPC contractor organisations, including positions at Bechtel, Shell, SK E&C and Eni.

Heinz Robota, VP Technology, will be retiring from his role after 10 years at Velocys and will be replaced by Dawid Duvenhage who joined the Company in November 2021 with the responsibility for Velocys’ catalysis division. Heinz has led the catalysis efforts from R&D into commercial demonstrated status of Velocys’ super active FT catalyst. Following an initial career as a chemist and chief scientist, Dawid has over 30 years’ experience in catalyst development, scale-up and commercialisation.

Heinz has agreed to continue to support Velocys as a member of our Senior Scientific Advisory Board.

Directorate Change

Andrew Morris, CFO, has advised the Board of his intention to leave Velocys in order to pursue other career opportunities. The intention is for Andrew to step down as CFO and Board Director during Q2 2022. Further updates will be made in due course.

Andrew has been with Velocys since 2017 when he joined the board as a Non-Executive Director and Chairman of the Company’s Audit and Risk Committee. As part of an Executive management change in 2018, Andrew stepped in as CFO of the Company that year. He has played a key role in strengthening and consolidating the finance function of the Company. The Board is grateful for Andrew’s service and his commitment, and he will leave with Velocys’ very best wishes for his future endeavours.

Phil Holland, Chairman of Velocys, said:

“The Board would like to convey its gratitude to Andrew for his role in establishing a strong finance function within Velocys, and for his ongoing support over the coming months. We wish Andrew the very best in his pursuit of new opportunities and the next chapter of his professional career.

“I, along with Henrik Wareborn and the Board, welcome the appointment of Andy Bensley, who will accelerate the commercialisation of the Velocys technology with a focus on strengthening the global client pipeline.

“Our sincere appreciation goes to Heinz who will be retiring next month. He has held an integral and leading role in catalysis technology development, and Dawid Duvenhage has picked up the reins to continue Velocys’ critical technology work.

“Velocys is well positioned to deliver substantial growth by providing our clients with our sustainable synthetic fuels technology enabling commercial scale production of high energy density fuels with negative carbon intensity.”

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:

Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Director of Communications & Sustainability
+44 1865 800821

Panmure Gordon (UK) Limited (Nomad and Joint Broker)
Hugh Rich (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)
James Thomas (Corporate Advisory)
Liam Zabludowicz (Corporate Advisory)
+44 20 7408 4090

Buchanan (Financial PR)
Helen Tarbet
Simon Compton
+44 20 7466 5000

Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830

Notes to Editors

Velocys is an LSE-listed, international sustainable fuels technology company, traded on the AIM, providing clients with a technology solution to enable the production of negative carbon intensity synthetic, drop-in fuels such as SAF, from a variety of waste materials. SAF (‘Sustainable Aviation Fuel’) is the only commercially available alternative to fossil aviation fuels.

Velocys’ proprietary catalyst and reactor technologies are IP-protected in all major jurisdictions.

Two reference projects in the US and UK (Bayou Fuels and Altalto) are designed to accelerate the adoption and standardise the Velocys proprietary Fischer Tropsch (FT) technology with an integrated end to end solution, including renewable power and carbon sequestration.

In addition, Velocys technology is enabling the next generation of low carbon sustainable fuels with significant additional positive air quality impacts.

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