The Company announces that, following the issue of new Ordinary Shares pursuant to the exercise of a share option during the month ended 31 August 2020 and their admission to trading on AIM under the Company’s blocklisting, the total issued share capital of the Company is 1,063,856,057 Ordinary Shares, each with voting rights.
The Company does not currently hold any shares in treasury. Accordingly, this figure of 1,063,856,057 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head of Communications & Sustainability
+44 1865 800821
Numis Securities (Nomad and joint broker)
Stuart Skinner
+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
Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from municipal solid waste and residual woody biomass plants currently in construction and development.
Velocys is at present developing two reference projects: one in Natchez, Mississippi, USA (incorporating Carbon Capture, Utilisation and Storage) and one in Immingham, UK, to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport. 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. Velocys is headquartered in Oxford in the United Kingdom.
Velocys has been featured in the Financial Times in an article on the potential of Sustainable Aviation Fuels (SAF) to reduce airline emissions and on the path to commercialisation.
In the piece Airlines ask passengers to subsidise green fuel to help cut emissions, Velocys’ proposed Altalto Immingham plant is detailed, with production targeted to begin in 2025 and the aim of producing 50,000 tonnes of SAF annually. Velocys CEO Henrik Wareborn is quoted as saying: “That is enough to fuel 1,000 transatlantic flights a year.”
Later, discussing the Government support required to get the UK’s sustainable fuels industry off the ground, Henrik Wareborn emphasised the need for market based policy support, saying: “We don’t need taxpayer subsidies but we do need policy to keep the price of avoided carbon competitive.”
The article concluded by pointing to the potential economic benefits that a fledgling SAF industry could bring to ‘UK PLC’, with Heathrow’s John Holland-Kay commenting: “This is the earliest opportunity to help make flying sustainable… But there is also an economic opportunity here. The key for the Government is how many new jobs it will create.”
The full FT article can be read here.
Velocys has appeared on Times Radio’s Matt Chorley show as part of a panel discussion on the future of Jet Zero.
During the appearance, Velocys CEO Henrik Wareborn made the case for Sustainable Aviation Fuels (SAF) as the ‘here and now’ solution to decarbonisation of the aviation sector. Outlining the waste-to-jet-fuel process, Henrik Wareborn said of SAF’s drop-in ability “the beauty is that there is no conversion needed, the fuel we produce that is fossil free can be blended in on spec, it is the same chemical composition as current jet fuel made out of imported crude oil” with no change to existing aircraft infrastructure required.
One of the other panellists, James McMicking of the Aerospace Technology Institute (ATI), commented “in particular for long haul aircraft, sustainable aviation fuels are something that the sector is pursuing very hard, because that provides a way in which we can convert existing aircraft technologies to fly on a net zero basis.”
Henrik Wareborn went on to emphasise the commercial viability of SAF, pointing to key investors in Velocys’ Altalto project, British Airways and Shell, and the need for market-based policy support to scale up SAF production in the UK.
Subject to additional funding and financial close, construction of Altalto is targeted to begin in 2022 and the plant could be producing fuel from 2025. “We are on track and well underway, it’s a strong position to begin with,” he said.
A recent article in The Yorkshire Post by Velocys’ VP Waste to Fuels, Dr Neville Hargreaves, said that the Yorkshire and the Humber region – the location of our planned Altalto waste-to-jet-fuel facility – could play an important role in a new Sustainable Aviation Fuels (SAF) industry, cutting carbon and creating jobs in the region.
With Altalto becoming the UK’s first sustainable aviation fuel facility, the Humber can establish itself as the global hub for the greener fuelling of air travel. Dr Hargreaves argues that with further support from Government and continued leadership from political leaders in the Humber, the region could capture a significant portion of the economic benefits created by the developing industry.
Velocys’ piece follows an earlier Yorkshire Post article by Kwasi Kwarteng MP, Minister for Business, Energy and Clean Growth, which said the Humber region will power the green energy revolution. The Minister outlined how as an established renewable and industrial heartland, the Humber will act as the backbone for our green transition and an example to the many other industrial centres across the UK that they can go green.
The Minister’s support for the Humber and its industrial skill and heritage echoes Velocys’ decision to locate our proposed facility in the region.
The full article can be read here.
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that copies of the 2019 Annual Report and Accounts, together with the notice of Annual General Meeting, have been sent to all registered shareholders.
The Annual General Meeting will be held at 10.45 am on Wednesday 2 September 2020 at the registered office of Velocys plc, Magdalen Centre Robert Robinson Avenue, The Oxford Science Park, Oxford OX4 4GA.
In line with the UK Government’s Stay Alert Guidance, the Annual General Meeting is expected to be held in a format different to that of previous meetings, while still allowing for Shareholders to exercise their voting rights. It is currently intended that the Annual General Meeting will be held with only the minimum number of Shareholders or proxies present as required to form a quorum under the Company’s articles of association, and who are essential for the business of the Annual General Meeting to be conducted. The attendance of any additional Shareholder, proxy or corporate representative is not permitted under the Stay Alert Guidance. Full information is set out the notice of Annual General Meeting.
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head of Communications & Sustainability
+44 1865 800821
Numis Securities (Nomad and joint broker)
Stuart Skinner
+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
Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from municipal solid waste and residual woody biomass plants currently in construction and development.
Velocys is at present developing two reference projects: one in Natchez, Mississippi, USA (incorporating Carbon Capture, Utilisation and Storage) and one in Immingham, UK, to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport. 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. Velocys is headquartered in Oxford in the United Kingdom.
Velocys plc (VLS.L), the sustainable fuels company, is pleased to announce the Final Results for the Year ending 31 December 2019.
Velocys plc (VLS.L), the sustainable fuels technology company, announces that it has completed the manufacturing and delivery of four reactors to Red Rock Biofuels (RRB). RRB has a further option to purchase an additional two reactors by the end of 2020.
Henrik Wareborn, Velocys CEO, said:
“We are very pleased to have completed the reactor order for Red Rock’s facility in Oregon, USA, which will produce low carbon sustainable fuels from forestry waste. Our reactor supply chain has now been tested and has proven our capability to deliver our technology to our global clients.
“Velocys has the technology, demonstrated at commercial scale, to enable the production of sustainable fuels. This fuel is essential for the hard to decarbonise transportation sector and will help to meet net zero emissions as required by many Governments.”
For further information, please contact:
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head of Communications & Sustainability
+44 1865 800821
Numis Securities (Nomad and joint broker)
Stuart Skinner
+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
Notes to Editors
Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from municipal solid waste and residual woody biomass plants currently in construction and development.
Velocys is at present developing two reference projects: one in Natchez, Mississippi, USA (incorporating Carbon Capture, Utilisation and Storage) and one in Immingham, UK, to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport. 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. Velocys is headquartered in Oxford in the United Kingdom.
Velocys spoke about the company’s sustainable fuels technology on BBC Radio 4’s news and current affairs programme, PM.
Dr Neville Hargreaves, VP Waste to Fuels, described the waste-to-jet-fuel process and stressed the ‘here and now’ status of our technology. The jet fuel produced would reduce carbon emissions by 70 percent, compared with conventional jet fuel , and that could be increased to 100 percent with the availability of carbon capture and storage in the UK.
In the programme, presenter Evan Davis suggested Velocys’ concept of using household waste to produce sustainable fuel was a ‘double win’. Chris Stark, Chief Executive at the Committee on Climate Change, said that given the difficulty of replacing fossil fuels in aviation, waste-to-jet-fuels represented a ‘sensible strategy’ for decarbonisation.
You can listen to the full programme on BBC Sounds. Velocys’ segment can be found at 17:39.
Velocys attended the inaugural meeting of the Government’s newly formed Jet Zero Council, of which the company has been confirmed as a member.
The Jet Zero Council will provide advice on the Government’s ambitions for clean aviation. A dynamic government and industry partnership, the Council will focus on developing UK capabilities to deliver net zero emission commercial flight through a series of measures including:
During the session, the Council was addressed by the Prime Minister, the Secretary of State for Transport and the Secretary of State for Business, Energy and Industrial Strategy.
The work of the Council will be essential to the ongoing development of Velocys’ planned waste-to-jet-fuel facility, Altalto Immingham, located in North East Lincolnshire.
Henrik Wareborn, CEO of Velocys, said:
“Velocys is very pleased to have been asked by the UK Government to join the Jet Zero Council. The first meeting of the Council could not have come at a more important time. As we return to the skies attention must focus on solutions that can deliver meaningful carbon savings not just by 2050, but within the decade.
“Sustainable aviation fuels will play a critical role in achieving the Government’s goal of demonstrating flight across the Atlantic without harming the environment within a generation. In fact, our planned waste-to-jet-fuel facility in Lincolnshire could be fuelling transatlantic flights in just five years’ time without the need to modify aircraft or engines at all. Velocys has the technology, already demonstrated at commercial scale, which cuts lifecycle carbon emissions by 70%. By incorporating carbon capture and storage technology, emissions could be cut further, enabling the facility and others that could follow to produce carbon-negative-emissions fuel by the end of the decade.”
Velocys has welcomed the publication of a letter to the Chancellor from a cross-party group of MPs, calling for the Government to enhance investment in aviation decarbonisation, whilst recognising synthetic fuels as the realistic practical solution to lower carbon emissions and meet net zero targets.
The letter, sponsored by Conservative MP Sir Graham Brady and Labour MP Catherine McKinnell and backed by parliamentarians from the Conservative, Labour, SNP, and Lib Dem benches, calls for Government to provide £500m in industry-matched funding for early stage sustainable aviation fuel facilities, increase funding for R&D of new cleaner aircraft, and accelerate the modernisation on UK airspace.
Reported in The Daily Telegraph, Velocys’ planned UK facility, Altalto, was referenced as an example of a flagship project that could benefit from such investment. Local MP, Martin Vickers, was quoted in the article as saying “with Velocys’ planned waste-to-jet fuel facility in my Cleethorpes constituency, having recently received planning permission, the area could become known for developing and exporting green aviation technology.”