Velocys is pleased to announce that it has been classified as a Green Economy Issuer by the London Stock Exchange. The Green Economy Mark award identifies listed companies that generate between 50% and 100% of total annual revenues from products and services that contribute to the global green economy.
The underlying methodology for the classification incorporates the Green Revenues data model developed by FTSE Russell, capturing both ‘pure-play’ green technology companies, as well as those across industries that make significant contributions to the transition.
Through its consistent application across London Stock Exchange’s markets and segments, the Green Economy Mark improves visibility to investors and other stakeholders that are interested in green economy activities.
Henrik Wareborn, CEO at Velocys, said:
“We are delighted to have attained the classification, which recognises the role of our technologies and their importance in the decarbonisation of the transport sector. Investment in the green economy is gathering momentum and Velocys’ position is solid in its presence and offering to the market.”
Two new independent Non-Executive Directors have been appointed to the Board with effect 1 January 2019: Philip Holland and Darran Messem.
_
Velocys plc (VLS.L), the renewable fuels company, is pleased to announce the appointment of two new independent Non-Executive Directors to the Board with effect 1 January 2019: Philip Holland and Darran Messem. Both have significant experience in industries, companies and projects with direct relevance to Velocys.
Philip Holland has a combined 37 years of experience in planning and construction of joint venture onshore/offshore projects, oil and gas processing facilities, petrochemical plants, and alumina refineries. He is an expert in the cross-functional work processes associated with conceptual and detailed design and engineering, procurement, construction, pre-commissioning, planning and scheduling, cost control, and finance management of large scale projects.
During his nearly 10 years at Shell, Holland successfully oversaw its Downstream and Gas & Power projects for six years, including a £5.2 billion Petrochemical facility at Ras Laffan in Qatar and the £8.3 billion Port Arthur Refinery Expansion Project in Texas. Earlier in his career, he led a department of more than 300 employees in Bechtel’s London office with responsibility for all cost, scheduling and estimating activities on projects in EMEA across petroleum and chemical, power, pipelines, offshore, civil, rail, aviation, water and telecoms. Holland currently is a Non-Executive Director at EnQuest plc, where he chairs EnQuest’s Risk Committee and is a member of its Remuneration Committee.
Holland holds a Master of Science in Engineering/Construction Project Management from Cranfield School of Management and a Bachelor of Science (Honors) in Civil Engineering from Leeds University.
Darran Messem has 30 years of commercial experience in energy, transport and sustainable development. He is an expert in sustainable business development, with particular focus on renewable energy and low-emission transport, combining skills in market research, strategy development, marketing, business development, project management, deal structuring, and leadership. Messem is an experienced company Director who has worked with organisations both large and small, established and start-up, in many markets including the UK, US, Canada and China.
During his 15 years with Shell, Messem worked on the removal of lead and sulphur from fuel in the UK, the development of new business models in the US, and the development of Shell’s global biofuel business, where he worked on a number of bio-fuel technologies including gasification and Fisher-Tropsch synthesis. He served as Shell’s nominated Director of Iogen Energy, and as Chairman, was closely involved in investments by Goldman Sachs and Volkswagen. Messem also worked for the Carbon Trust, supporting Governments and companies with emission reduction, and for British Airways on market analysis and the development of new services. He is Chair of the Low Carbon Vehicle Partnership, a UK public-private partnership that works to accelerate the deployment of low carbon vehicles and fuels.
Messem holds a Master of Arts in Economic Geography from Cambridge University and a post-graduate diploma in Marketing. He is a Fellow of the Chartered Institute of Marketing and the Royal Geographical Society.
On their appointment, Holland and Messem will also join the Company’s Audit & Risk, Remuneration, and Nomination & Governance Committees. Holland will be appointed as Senior Independent Director, and Messem will be appointed as chairman of the Remuneration Committee. Sandy Shaw will continue as a member of the Remuneration Committee and as the Chair of the Audit and Risk Committee.
Pierre Jungels, Chairman of the Board of Velocys, said:
“In Philip and Darran we have a wonderful combination of skills and experience that will benefit Velocys as we continue on our path to finance, develop and operate our plants in the US and UK. Philip brings extensive experience in developing large, complex projects while Darran has proven success in renewable fuel, low carbon markets and the petrochemical industry. I am very pleased to welcome them both to the Board and see the willingness of such high caliber professionals to help us, by joining our Board, as a huge endorsement of our strategy.”
There is no information that is required to be disclosed with regards to the appointment of Philip Holland, aged 63, or Darran Messem, aged 52, pursuant to Schedule 2 paragraph (g) of the AIM Rules, save as set out below:
Philip Holland
(g) (ii) Current directorships and partnerships
EnQuest plc
(g) (ii) Directorships and partnerships held within the past five years
Phil Holland & Associates Limited
Darran Messem
(g) (ii) Current directorships and partnerships
Low Carbon Vehicle Partnership
(g) (ii) Directorships and partnerships held within the past five years
Carbon Trust Assurance Limited
– Ends –
For further information, please contact:
Velocys
Henrik Wareborn, CEO
+ 44 1235 838621
Numis Securities (Nomad and joint broker)
Alex Ham
Stuart Skinner
Jamie Lillywhite
Tom Ballard +44 20 7260 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O’Connor
Ben Griffiths +44 20 7523 8000
Camarco (UK financial communications & PR)
Billy Clegg
Georgia Edmonds
Tom Huddart +44 20 3757 4983
Scoville Public Relations (Velocys US public relations)
John Williams +1 206 625 0075 #1
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 (VLS.L), the sustainable fuels technology company, is pleased to announce the appointment of Philip Holland as the Company’s new Chairman with immediate effect. He replaces Pierre Jungels who has retired from the Board after thirteen years as Chairman and Director of Velocys.
The Board would like to thank Pierre Jungels for his significant contribution to the development of the Company.
As noted in the Company’s Interim Results Announcement on 18 September 2019, Philip Holland has held the position of Senior Independent Director (SID) since his appointment to the Board on 1 January 2019.
The Company also confirms that, on his appointment as Chairman, Philip Holland has stepped down as a member of the Audit & Risk Committee and the Remuneration Committee, and Sandy Shaw has been appointed as Senior Independent Director.
Philip Holland, Chairman of Velocys said:
“It is with great pleasure and enthusiasm that I have accepted the opportunity to succeed Pierre Jungels as Chairman of Velocys. Under Pierre’s leadership, Velocys has progressed a long way since its IPO in 2006. Velocys has now proven itself as a leading developer and integrator of the full technology solution required to produce Sustainable Aviation Fuel at scale, for immediate drop-in use, from abundant solid waste feedstocks. Velocys’ technology and capability provide the opportunity to make a significant contribution to reduce both greenhouse gas emissions and dangerous exhaust particulates in the commercial aviation sector.
“I look forward to working closely with Henrik Wareborn (CEO) and the Board to secure the first sustainable aviation fuel project here in the UK in collaboration with British Airways and Shell, as well as our biomass to sustainable transport fuels project in the US, and to support our clients in the US, Japan and beyond.”
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
+44 1865 800821
Numis Securities (Nomad and joint broker)
Stuart Skinner
Tom Ballard
+44 20 7260 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O’Connor
James Asensio
+44 20 7523 8000
Radnor Capital (Investor relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Field Consulting (PR)
Robert Jeffery
+44 20 7096 7730
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.
Notes to editors
Velocys is a British sustainable fuels technology company. Originally a spin-out from Oxford University, in 2008 the company acquired a US company based on complementary technology developed at the Pacific Northwest National Laboratory. Over 15 years Velocys has developed proprietary Fischer-Tropsch technology that enables the production of drop-in transport fuels from the embedded carbon-sources in a variety of waste materials. Having demonstrated its technology at commercial scale, Velocys is currently developing projects in Natchez, Mississippi, USA and Immingham, UK to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport.
Velocys CEO, Henrik Wareborn, discusses the company’s long-term potential with ReachX Consulting Editor Gaurav Sharma in this new podcast.
Velocys plc (VLS.L) is pleased to announce that it has constructed and now delivered Fischer-Tropsch (FT) reactors and catalyst to Toyo Engineering Corporation (Toyo) for use in a biomass-to-jet fuel demonstration facility in Nagoya, Japan.
Toyo is currently constructing the bio-jet fuel facility as part of a consortium of Japanese companies. The order for Velocys was previously announced on 19th September.
This delivery is in addition to the successful ongoing work that the Company is performing both in the UK and USA on its flagship projects. The board is pleased with the progress of execution against the Company’s business plan.
Henrik Wareborn, CEO of Velocys, said:
“I am pleased that we have fulfilled the purchase order for Toyo, and look forward to the completion and operation of the demonstration plant. This facility highlights the increasing and global commitment to sustainable aviation fuel production.”
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
+44 1235 838 621
Numis Securities (Nomad and joint broker)
Alex Ham
Stuart Skinner
Tom Ballard
+44 20 7260 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O’Connor
James Asensio
+44 20 7523 8000
Radnor Capital (Investor relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Field Consulting (PR)
Robert Jeffery
+44 20 7096 7730
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.
Notes to editors
Velocys is a British sustainable fuels technology company. Originally a spin-out from Oxford University, in 2008 the company acquired a US company based on complementary technology developed at the Pacific Northwest National Laboratory. Over 15 years Velocys has developed proprietary Fischer-Tropsch technology that enables the production of drop-in transport fuels from the embedded carbon-sources in a variety of waste materials. Having demonstrated its technology at commercial scale, Velocys is currently developing projects in Natchez, Mississippi, USA and Immingham, UK to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport.
Velocys is delighted to have been named as one of ‘The Next 50 Companies to Disrupt the World’ by Biofuels Digest at this year’s ABLC NEXT conference in San Francisco. The award celebrates Bioeconomy companies that are on the journey to commercial scale with an emerging technology, with Velocys amongst only a handful of biofuels companies to be shortlisted. Velocys’ Chief Financial Officer Andrew Morris collected the award from Biofuels Digest’s Jim Lane.
The conference also provided opportunity for Velocys to present on Bayou Fuels, the planned waste-to-jet fuel facility in Natchez, Mississippi. Velocys recently announced it had reached an agreement with Oxy Low Carbon Ventures (OLCV) which, when completed, will enable the production of transportation fuels that have a net negative carbon intensity, making it the first facility of its kind in the world.
Velocys CFO Andrew Morris and Biofuels Digest Editor Jim Lane at
NEXT50 Award presentation
In October, Velocys attended the AIREG Berlin SAF Conference 2019 to discuss the potential for sustainable jet fuel produced from solid and waste biomass residues. Henrik Wareborn, Chief Executive Officer at Velocys, told delegates “I’m convinced we can kick-start the large-scale production of sustainable fuels for the aviation sector which, to date, has been stubbornly hard to decarbonise.”
Discussing Velocys’ planned Altalto project in the United Kingdom and its Bayou Fuels facility in the United States, Wareborn said: “Lots of these plants need to get into operation if we’re to abide by the Paris Agreement and achieve economy wide net zero emissions by the middle of the century.”
“A key benefit of the Velocys SPK fuel produced is that it meets the ASTM D7566 specification, so it is a “drop-in” fuel at up to 50% blend into Jet A1 that requires no adaptation by the end user.”
“If we’re to limit global temperature rises, as well as continuing to reap the economic and societal benefits of aviation, governments and intergovernmental bodies must support the development of facilities like ours, by creating long term, predictable policy support for these fuels.”
Velocys’ Bayou Fuels project set to produce negative emission fuels after signing CCUS agreement with Oxy Low Carbon Ventures.
Velocys, Inc., a wholly owned subsidiary of Velocys plc (Velocys), announced today it has signed an agreement with Oxy Low Carbon Ventures, LLC (OLCV), to capture carbon dioxide (CO2) from Velocys’ planned Bayou Fuels biomass-to-fuels project in Natchez, Mississippi, and securely store it underground in a geologic formation.
OLCV, a wholly owned subsidiary of Occidental, will take, transport and store CO2 captured from the Bayou Fuels facility, when it is completed, enabling the production of transportation fuels that have a net negative carbon intensity, making it the first facility of its kind in the world.
The Bayou Fuels project will take waste woody biomass and convert it into transportation fuels, such as diesel for heavy trucks and sustainable aviation fuel, using Velocys’ proprietary Fischer Tropsch process. The integrated technical solution designed by Velocys is ideally suited to carbon capture, usage, and storage (CCUS); the CO2 is captured before it enters the atmosphere. OLCV is uniquely positioned to transport and store the CO2 by leveraging Occidental’s industry leadership in CO2 storage and utilisation. This combination of CCUS-ready technology and Occidental’s expertise in storing CO2 enables the Velocys facility to produce net negative carbon intensity fuels.
Integrating CCUS into the Bayou Fuels biorefinery increases certain targeted revenue streams, such as those derived from the California Low Carbon Fuels Standard, and U.S. 45Q tax credits that incentivise the installation of carbon capture equipment on industrial facilities. This has a meaningful positive impact on returns. It also helps to de-risk the project and others that follow it. The proposed CCUS solution can be replicated at other sites under development, including Velocys’ UK project which recently submitted a planning application to build Europe’s first commercial scale waste-to-jet fuel facility.
Henrik Wareborn, CEO at Velocys said:
“We want this facility, and others that will follow, to be as environmentally friendly as possible and offer attractive opportunities for partnerships with major energy companies. We don’t just want to deal with waste materials and produce cleaner burning fuels – we want the process that produces the clean fuels to be as sustainable as possible as well.
That is why we will be capturing CO2 as a by-product from the gasification process at our Mississippi facility. This will make the facility a net negative emitter of carbon dioxide, which is highly desirable from both an environmental and an investment point of view.
This carbon negative solution could be replicated at other Velocys sites, so we hope our proposed UK facility in Immingham will be able to benefit from this technology, subject to UK Government support for CCUS deployment and the availability of transportation and storage infrastructure in the Humber region.”
Richard Jackson, President, OLCV, said:
“Carbon capture, utilization, and sequestration is essential to reducing the carbon intensity of the transport sector and achieving global climate goals. This project illustrates how CCUS can enable production of zero-carbon and negative-carbon fuels.
Occidental is uniquely positioned to develop and operate CO2 sequestration facilities based on our 40 years of experience injecting CO2 for enhanced oil recovery. We are excited to build on this experience to support Velocys in a strategic partnership to produce negative-carbon intensity fuels.”
ENDS
Velocys
Henrik Wareborn, CEO
+44 1865 800821
Numis Securities (Nomad and joint broker)
Alex Ham
Stuart Skinner
Tom Ballard
+44 20 7260 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O’Connor
James Asensio
+44 20 7523 8000
Radnor Capital (Investor relations)
Joshua Cryer
+44 20 3897 1830
Field Consulting (PR)
Robert Jeffery
+44 20 7096 7730
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 is a sustainable fuels technology company. Based on science from the Pacific Northwest National Laboratory in the US and Oxford University in the UK, over 15 years Velocys has developed proprietary Fischer-Tropsch technology that enables the production of drop-in transportation fuels from the embedded carbon sources in a variety of waste materials. Having demonstrated its technology at commercial scale, Velocys is currently developing projects in Natchez, Mississippi, and Immingham, UK to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport.
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental, an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Occidental’s global strategy includes active investment in carbon dioxide enhanced oil recovery (CO2-EOR) and carbon capture, utilisation and storage (CCUS), as well as other emissions reducing technologies. OLCV capitalises on Occidental’s EOR leadership by developing CCUS projects that source anthropogenic CO2 and promotes innovative technologies that drive cost efficiencies and economically grows Occidental’s business while reducing emissions.
Velocys plc (AIM: VLS.L), is pleased to announce that Henrik Wareborn, the company’s CEO, will be presenting his views on Velocys’ role in the sustainable fuels industry, at an investor evening hosted by Turner Pope Investments (TPI) Ltd, on Monday 30th September 2019. The event will be held in London, EC2 and will commence at 5pm.
To register their interest, investors are kindly requested to visit https://www.turnerpope.com/contact/ and complete the registration form.
For further information, please contact:
Velocys
Henrik Wareborn, CEO
+44 1235 838 621
Numis Securities (Nomad and joint broker)
Alex Ham
Stuart Skinner
Tom Ballard
+44 20 7260 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O’Connor
James Asensio
+44 20 7523 8000
Camarco (Investor relations)
Billy Clegg
Tom Huddart
+44 20 3757 4983
Field Consulting (PR)
Robert Jeffery
+44 20 7096 7730
Notes to editors
Velocys is a British sustainable fuels technology company. Originally a spin-out from Oxford University, in 2008 the company acquired a US company based on complementary technology developed at the Pacific Northwest National Laboratory. Over 15 years Velocys has developed proprietary Fischer-Tropsch technology that enables the production of drop-in transport fuels from the embedded carbon-sources in a variety of waste materials. Having demonstrated its technology at commercial scale, Velocys is currently developing projects in Natchez, Mississippi, USA and Immingham, UK to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport.
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce its interim results for the six months ended 30 June 2019.