Velocys plc (AIM: VLS), the sustainable fuels technology company, is pleased to provide the following update.
During 2021 we saw the achievement of a number of important objectives in our growth strategy culminating in two multi-year Sustainable Aviation Fuel (SAF) offtake agreements; the selection of our technology for an e-fuels project commissioned by the Government of Japan; and a significant capital raise to be used to increase the delivery capacity of Velocys’ technology to unlock client sales with a view to achieving our target of net positive cashflow during 2024.
Since the year end, we have completed the sale and purchase option agreement over the company owning the land for the Altalto project site; appointed Andy Bensley as Global Head of Business Development and Technology Delivery along with other key technical role appointments at our catalysis and reactor facility in Ohio. We are moving into 2022 with a clear focus on executing our agreed commercial strategy.
Project update – Bayou Fuels
Worley, our international engineering contractor, has completed the interim engineering (FEL-2) work during Q1 2022 and Koch Project Solutions continue to provide project development support to our SAF biorefinery project in Mississippi, ahead of finalisation of contract execution strategy and FEED award subject to financing.
The site landlord; the local development authority in Mississippi, is well under way to complete the construction of the final section of the levee protecting the biorefinery site by the Mississippi river. Completion is expected later this summer.
We are eagerly anticipating clarity on government policy support from both the US and UK Governments to provide sufficient long term revenue stability for biorefineries converting sustainable residues into renewable fuels. This is a condition for successful capital formation for both projects. We are currently anticipating the US Congress to pass favourable legislation including the provision of a SAF Producer Tax Credit, indexed to the carbon intensity of the fuel, in the summer which will allow for the launch of the Series A fundraise for Bayou Fuels in the second half of this year. We expect the UK Government to need some additional time to provide matching competitive incentives, which would therefore enable Altalto to go into a Series A fundraise in H1-23.
In anticipation of such policy support, we have launched an RFP process with a selection of US investment banks and advisers in relation to services including underwriting tax-exempt municipal bonds, mezzanine, and equity to finance the final development stage and subsequent construction of the Bayou Fuels biorefinery in Mississippi.
A full 15-year SAF and environmental credit offtake agreement with Southwest Airlines and a 10 year SAF and environmental credit offtake MOU with IAG were entered into in November 2021. As planned, IAG and Velocys are converting the MOU into a fully termed offtake agreement with a view to having that completed later in Q2. A further announcement will be made in due course.
Operations and business development update
We have recently secured a 15 year lease for a modern and sustainable facility in Columbus, Ohio where we will be consolidating our catalysis services, microchannel reactor core assembly and technology licensing under one roof. In line with our recent Placing Circular, this will involve a capital investment of up to £1.5 million in the building enhancements to fit our specific needs and £4.8 million in reactor core assembly automation enabling steady output of at least 12 complete FT reactors per year. This dovetails with the expiry next year of the 10 year lease of our current technology centre in Columbus, Ohio.
We are also pleased to announce the potential sale of the undeveloped Ashtabula site in Northern Ohio which was acquired as part of the Pinto Energy acquisition in 2014 and was intended to be used for a GTL plant at the time. The Ashtabula Port Authority has provisionally agreed to acquire the site for an undisclosed price subject to further due diligence by the purchaser.
We have deepened our collaboration with TOYO regarding biomass to SAF (BtL) and power to SAF (PtL) solutions for the energy transition in Japan. The commercial scale NEDO2 BtL project is currently in FEL2 stage and progressing to plan and the Power to Liquids demonstration project is advancing as planned. Meanwhile our Business Development pipeline continues to grow with a number of feasibility studies with biorefinery plant developers ongoing to accelerate these projects, which we expect to mature into commercial contracts in due course.
Project update – Altalto
Further to our announcement on 24 March 2022, we, together with our partner British Airways are delighted to welcome Foresight Group LLP into the Altalto Immingham municipal solid waste to jet fuel project in Immingham where Velocys is providing project development services, engineering and FTS technology.
Over the last few months, we have completed site engineering, geotechnical survey and integration of carbon sequestration of biogenic CO2 in preparation for the connection of the Altalto plant, when built, into the new East Coast Carbon Capture and Storage (CCS) cluster, which is being developed by a consortium of major corporations including Drax, BP and Equinor.
This leading CCS cluster, designed to sequester 40kt of CO2 per day, is scheduled to come on stream around the same time as the Altalto plant is expected to be commissioned, in 2027, subject to funding of both Altalto and the CCS cluster. Our application to BEIS to participate in the East Coast CCS cluster has met the eligibility criteria and passed through to Phase 2 of the evaluation process to identify and sequence CCS clusters suitable for deployment in the mid-2020s.
We have benefitted from the £1.9m Green Fuels Green Sky grant awarded by the DfT in August 2021, which has largely covered our costs for the essential site engineering and other site-related work through to Q2/22.
Notice of publication of Velocys plc Annual Report and Accounts 2021
The Company’s results for the year ended 31 December 2021 are expected to be announced during the week commencing 16 May 2022. A further announcement will be made nearer the time.
Henrik Wareborn, CEO of Velocys, said:
“The Velocys group is well positioned at the nexus of energy security and the net zero transition. Through the deployment of our patented demonstrated FT and catalyst technology, we provide decarbonisation solutions for hard-to-abate sectors such as commercial aviation, to supply negative carbon intensity fuels to airlines and others committed to net zero targets, while also reducing import dependency on fossil fuels.
“The improved air-quality impact of the synthetic fuels our customers produce using our patented technology is an additional driver of growth in demand for our technology. Synthetic Paraffinic Kerosene, SPK, produced using Velocys’ proprietary super-active catalyst and FT Synthesis, FTS, contains less than 15ppm sulphur compared to up to 3000ppm sulphur for conventional fossil jet fuel. This in turn sharply reduces the amount of PM2.5 (2.5 micron size Particulate Matter) generated by the combustion of the fuel.”
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Director of Communications
+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)
+44 20 7408 4090
Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Buchanan (Financial PR)
Helen Tarbet
Simon Compton
+44 20 7466 5000
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 from a variety of waste materials. SAF (‘Sustainable Aviation Fuel’) is the only commercially available, permanent alternative to fossil aviation fuels.
The technology is IP-protected in all major jurisdictions.
Two reference projects (Altalto, UK, and Bayou Fuels, US) 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. Velocys is enabling commercial scale SAF production in response to the clean energy transition.
Velocys technology pathway is enabling the next generation of low carbon sustainable fuels with significant additional positive air quality impacts.
Velocys plc (AIM: VLS), the sustainable fuels technology company, announces that further to the notification of 17 December 2021 (“Prior Announcement”), Altalto Immingham Ltd (“Altalto”), a subsidiary of Velocys, has sold its 100% interest in Rula Developments (Immingham) Limited (“RDIL”), as planned. RDIL owns the site for the proposed Altalto waste-to-sustainable-fuel project, which is being developed in collaboration with British Airways.
RDIL has been sold to funds managed by Foresight Group LLP (“Foresight”), for £9.75 million, with a call option for Altalto to re-purchase RDIL within three years (“Call Option”). The Call Option will require Altalto, and any new project partners, to pay up to £12.95 million in aggregate over the option period (the majority of which relates to a final payment in the event of exercise of the Call Option).
In addition, and subject to exercise of the Call Option, Altalto has agreed to grant Foresight a right of first refusal to invest up to £100 million in the project, alongside British Airways and other future investors, once the full funding is required.
Foresight brings a proven track record and history of investing in energy transition infrastructure. Following the sale, the Project has retained the right to access the land for maintenance and pre-development activities associated with its existing planning permission. Commencement of construction remains subject to further clarification of government policy support for such projects.
This agreement follows on from the Prior Announcement, when Altalto exercised an option to acquire a 100% interest in RDIL with an initial part-payment of £2.5 million and deferred consideration. The deferred consideration payable is £7.25m, which will now be settled as part of this transaction, thereby satisfying all obligations under the historic option agreement.
Henrik Wareborn, CEO of Velocys, said:
“Velocys is pleased to have Foresight involved in the Altalto project, alongside British Airways. This is a further step in bringing our SAF enabling technology solution to market.
“The Velocys technology pathway utilises domestic non-fossil feedstocks from sustainable carbon sources which have no alternative use, such as municipal solid waste and forestry residue. Sustainable aviation fuel has the same composition as conventional jet fuel, is globally approved and is suitable for immediate use. We firmly believe our technology will play a key role in helping to decarbonise the aviation sector, meet net zero targets, and improve the energy and fuel security of the UK.”
David Hughes, CIO of Foresight, said:
“Foresight is delighted to become involved in the Altalto project through the acquisition of the proposed site. The Project is consistent with our aims of investing in sustainable businesses that are looking to advance the energy transition.”
Sean Doyle, Chairman and CEO of British Airways, said:
“It’s great to have Foresight with us to help deliver the Altalto project, as we make our way on our journey towards net zero by 2050. The development of sustainable aviation fuel is an important part of our near to medium-term plan to decarbonise, alongside carbon capture technology. We believe the UK can be a world leader in this, and it’s crucial we work with both private industry and Government to drive forward this ambitious and hugely important work.”
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:
Velocys
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
Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Buchanan (Financial PR)
Helen Tarbet
Simon Compton
+44 20 7466 5000
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 from a variety of waste materials. SAF (‘Sustainable Aviation Fuel’) is the only commercially available, permanent alternative to fossil aviation fuels.
The technology is IP-protected in all major jurisdictions.
Two reference projects (Altalto, UK, and Bayou Fuels, US) 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. Velocys is enabling commercial scale SAF production in response to the clean energy transition.
Velocys technology pathway is enabling the next generation of low carbon sustainable fuels with significant additional positive air quality impacts.
Foresight Group Holdings Limited
Foresight Group was founded in 1984 and is a leading infrastructure and private equity investment manager, operating from 12 offices across six countries in Europe and Australia with AUM of c. £8.4 billion as at 31 December 2021. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. Foresight Group manages over 300 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. Its private equity team manages eight regionally focused investment funds across the UK, supporting over 120 SMEs. Foresight Group listed on the Main Market of the London Stock Exchange in February 2021.
British Airways
As a global airline and the UK’s flag carrier, British Airways has been flying its customers to where they need to be for more than 100 years.
The airline connects Britain with the world and the world with Britain, operating one of the most extensive international scheduled airline route networks together with its joint business, codeshare and franchise partners.
British Airways flies to destinations in more than 65 countries. Its principal place of business is London, with its main home at Heathrow Terminal 5.
In 2021, the airline won six Business Traveller Awards including Best Short-Haul Carrier, Best Airport Lounge, Best Frequent Flyer Programme, Best Travel App and Best New Seat.
In September 2021, British Airways launched its sustainability programme, BA Better World, committing to put sustainability at the heart of everything it does and with a clear roadmap to achieve net zero carbon emissions by 2050.
British Airways is a founding member of the airline alliance oneworld, which serves around 1,000 destinations across the globe.
Velocys CEO, Henrik Wareborn, was present at two parliamentary events this week in support of British Airways on 2nd of March and the Renewables Transport Fuels Association (RTFA) on the 3rd of March. Robert Courts, the Aviation Minister, was present at both events showing his support, and Trudy Harrison, Green Transport Minister, was present at the RTFA event.
British Airways’ reception presented its BA Better World sustainability programme and the RTFA event showcased companies at the forefront of developing SAF. Both events gave Velocys an opportunity to discuss the importance of SAF and how Velocys’ technology solution can enable the production of sustainable synthetic fuels and help to support the decarbonisation of the aviation sector.
At this event, Robert Courts, Minister for Aviation, said: “We all know that there are various technological possibilities for achieving net zero, or Jet Zero flight as we have termed it in the Jet Zero Council work we have spoken about, but it is sustainable aviation fuel that is going to be in the shorter and medium term the real way forward.”
Trudy Harrison, Minister for Green Transport, was equally supportive and said: “Sustainable aviation fuels will be vital as we look to reduce emissions from flights and transition to a net zero world. We’ve recently committed £180 million to further support the development of UK SAF plants and I look forward to working with the innovative minds within the industry to build a world-leading advanced fuels sector.”
Velocys is pleased to announce the appointment of Andy Bensley in the role of Global Head of Business Development and Technology Delivery, based in Oxford.
Andy was formerly advisor to the CEO for SK Engineering, an East Asian construction and development firm. In his role, Andy introduced a new operations management system and created a solutions consulting business dedicated to project advisory, forecasting and risk management.
With 35 years of international industry experience, Andy brings to Velocys seniority in corporate, functional leadership and project delivery in both international oil companies and EPC contractor organisations. Andy also held senior project management roles at Bechtel, Shell and Eni. Andy has worked in South Korea, Qatar, Kuwait, Australia, Italy and the USA for extensive periods.
As part of the senior leadership team at Velocys, Andy will help to accelerate the commercialisation of the Velocys technology and cultivate our global client pipeline. Andy’s expertise in business development and project management will help position Velocys as the technology partner of choice in our market segment.
Henrik Wareborn, CEO, said:
“I am pleased to welcome Andy to the team at Velocys. Andy’s many years of international industry experience will be invaluable as we take advantage of the opportunities presented by the need to decarbonise globally. Andy will help position Velocys as the ideal technology partner for companies, governments and countries who are looking to immediately reduce the carbon intensity of transportation using sustainable synthetic fuels, which are also associated with air quality benefits.”
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:
Velocys
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.
Dr Neville Hargreaves, Velocys VP Waste to Fuels, was invited to give evidence to the UK Parliament’s Transport Select Committee inquiry on ‘Fuelling the Future: motive power and connectivity’. Dr Hargreaves gave evidence alongside other industry experts and discussed Velocys’ technology as an enabler of sustainable fuels in the UK, the industrial opportunity for commercialising SAF in the UK, and the policy required to support a UK SAF industry.
The Transport Select Committee is a group of Members of Parliament nominated by the House of Commons to scrutinise the Department for Transport. Its formal remit is to hold Ministers and the Department for Transport to account, and to investigate matters of public concern where there is a need for accountability to the public through Parliament.
Velocys has joined Zero Carbon Humber (ZCH), a partnership to build the world’s first net zero industrial cluster and decarbonise the North of England. ZCH will establish critical infrastucture to capture CO2 emissions and supply negative carbon power across the Humber.
The Altalto project in Immingham, in collaboration with British Airways, is located on the Humber estuary. It is expected to be Europe’s first commercial waste-to-jet-fuel facility processing household and commercial waste destined for landfill or incineration to produce sustainable aviation fuel (SAF). Carbon capture and storage can enable the production of fuels with net negative carbon intensity. Velocys has the technology solution to enable the production of SAF to help decarbonise aviation and help meet net zero targets.
Dr Neville Hargreaves, Velocys VP Waste to Fuels, said:
“Velocys is delighted to be joining the impressive group of companies that make up Zero Carbon Humber. The Altalto project, in collaboration with British Airways, can deliver zero carbon flight this decade and is an example of the new industries enabled by carbon capture and storage, bringing skilled green jobs to the region.”
Notes to editors:
The Zero Carbon Humber (ZCH) Partnership aims to decarbonise the UK’s largest and most carbon-intensive industrial cluster, supporting the UK net zero target. With its first project aiming to start up in 2026, ZCH will establish critical infrastructure to capture at least 17 million tonnes of CO2 emissions per year and supply up to 10 gigawatts of hydrogen in industry and power projects across the Humber by the mid-2030s. ZCH will contribute significantly to UK ambitions for 10 million tonnes of CO2 capture and 5GW of low carbon hydrogen production by 2030, and provide carbon negative power from biomass with carbon capture technology (BECCS).
The ZCH Partnership now includes Associated British Ports, British Steel, Centrica Storage Ltd, Drax Group, Equinor, INEOS Acetyls, Mitsubishi Power, National Grid Ventures, px Group, SSE Thermal, Saltend Cogeneration Company Limited, Uniper, the University of Sheffield Advanced Manufacturing Research Centre (AMRC), and Velocys. To learn more, please visit www.zerocarbonhumber.co.uk
Velocys plc (AIM: VLS), the sustainable fuels technology company, today announces that further to the announcement of 25 November 2021 and following completion of the fundraising, Altalto Immingham Ltd (“Altalto”) (a subsidiary of Velocys) has exercised an option agreement to acquire Rula Developments (Immingham) Limited (“RDIL”) with an initial part-payment of £2.5 million. RDIL owns the site of the proposed Altalto project, near Immingham in North East Lincolnshire, which is being jointly developed by British Airways PLC (“BA”) and Velocys.
Pursuant to the agreement, the total consideration to acquire the site is being satisfied by a £2.5 million part-payment, funded through an inter-company loan from Velocys to Altalto. A further deferred consideration amount of up to £8.5 million is payable by 30 September 2022. As previously announced, Velocys is discussing the onward purchase of RDIL (and subsequent grant back to Altalto of a future option to purchase RDIL within 3 years) with a third party with the intention that the purchase price for RDIL paid by the third party will cover the remaining consideration payable by Altalto in 2022.
Detailed engineering for the Altalto project is expected to commence in 2023. Financial close is expected in 2024, with construction of the plant being targeted to commence in 2024 and to be completed by mid-2026, following which commissioning and start-up will commence, with full scale commercial operation expected in 2027.
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation 596/2014/EU (MAR).
Enquiries:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Director of Communications & Sustainability
+44 1865 800821
Panmure Gordon (UK) Limited (Nomad and Joint Broker)
Emma Earl (Corporate Finance)
John Prior (Corporate Finance)
Hugh Rich (Corporate Broking)
+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 from a variety of waste materials. SAF (‘Sustainable Aviation Fuel’) is the only commercially available, permanent alternative to fossil aviation fuels.
The technology is 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. Velocys is enabling commercial scale SAF production in response to the clean energy transition.
Velocys technology pathway is enabling the next generation of low carbon sustainable fuels with significant additional positive air quality impacts.
Result-of-GM-and-Open-Offer-15-Dec-2021
Results of Placing 26 November 2021