Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that Henrik Wareborn, CEO, and Andrew Morris, CFO, will provide a live presentation relating to the interim results for the period ending 30 June 2021 via the Investor Meet Company platform on Friday 1st October 2021 at 10.30am BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet VELOCYS PLC via: https://www.investormeetcompany.com/velocys-plc/register-investor
Investors who already follow VELOCYS PLC on the Investor Meet Company platform will automatically be invited.
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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
Field Consulting (General PR)
Rob Jeffery
+44 20 3697 7953
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 residual woody biomass and municipal solid waste. The Velocys technology can also enable the production of zero carbon fuels for the airline industry from renewable power and CO2.
Velocys is at present developing two reference projects: the Bayou Fuels project in Natchez, Mississippi, USA (incorporating Carbon Capture and Storage) and the Altalto project 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 reactor technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce its interim results for the six months ended 30 June 2021.
Interim results for the six months ended 30 June 2021 (23-Sep-2021)
Velocys has been cited in a White House briefing paper which sets out the Biden administration’s plans to increase the use of sustainable aviation fuels (SAF) over the coming years to meet net zero and economic goals.
In the briefing FACT SHEET: Biden Administration Advances the Future of Sustainable Fuels in American Aviation, the White House states that coordinated leadership from federal government, including action across the Departments of Energy, Transportation, Agriculture, Defense, the National Aeronautics and Space Administration, the General Services Administration, the Environmental Protection Agency and the aviation sector will “result in the production and use of billions of gallons of sustainable fuel that will enable aviation emissions to drop 20% by 2030 when compared to business as usual”.
Key actions being taken include the launch of a new ‘Sustainable Aviation Fuel Grand Challenge’ to inspire the dramatic increase in the production of SAF to at least 3 billion gallons per year by 2030 and new support for SAF projects and fuel producers totalling up to $4.3 billion alongside ongoing funding opportunities.
Velocys’ Bayou Fuels project, located in Natchez, Mississippi, is cited as a project that will “help us achieve our 2030 goals”. The factsheet notes: “Velocys plans to produce 300 million gallons of blended SAF per year from waste woody biomass and MSW [municipal solid waste] processed by Fischer-Tropsch processing”.
With the US SAF industry poised to grow rapidly, the briefing also points to federal plans to release an aviation climate action plan in the near future, which will set forth a comprehensive plan for the sector.
Velocys welcomes the Biden administration’s commitment to using federal powers to accelerate the United States’ deployment of SAF. This highlights the need for technology solutions such as ours to achieve aviation decarbonisation and climate change mitigation.
The full White House briefing can be read here.
Velocys’ Dr Neville Hargreaves has given an update on the Altalto project during an interview with Andy Comfort on a BBC Radio Humberside news programme, following the award of £2.4m from the Department for Transport’s ‘Green Fuels, Green Skies’ competition.
Dr Hargreaves outlined Velocys’ waste-to-fuels process, telling Comfort, “We can actually get to net zero fuel, or even below net zero, so it’s a crucial part of decarbonising aviation, which is one of the hardest things to do. And at the same time, making good use of our waste instead of burning it.”
It was made clear that the award of £2.4m is a significant step forward as “it helps us with work we need to do to advance the project, but it also demonstrates the Government is committed to our project and to the industry.” It will build on recent momentum on Sustainable Aviation Fuels (SAF) within Government, including consultations on Jet Zero and a SAF mandate.
He went on to praise project partner British Airways, saying: “Having a high profile partner like them attracting investors and suppliers, they’ve been really excellent all along the way.”
Dr Hargreaves concluded that the location of the facility, on the banks of the Humber in North East Lincolnshire, will bring together the skills and logistics needed to build the UK’s first waste-to-fuels plant and contribute to the area’s fast growing Energy Estuary.
BBC Radio Humberside interview:
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that it has secured a grant from the UK Department for Transport (DfT) under the Green Fuels, Green Skies competition. The grant award is up to a maximum of £2.4M, of which £1.2M is subject to progress by the DfT in developing policy support for Sustainable Aviation Fuels (SAF).
The Altalto project is a collaboration between Velocys and British Airways; the proposed plant will convert hundreds of thousands of tonnes per year of residual waste into sustainable fuels, mainly aviation fuel. Planning consent was granted in 2020; the project is ready to proceed to the final stages of engineering prior to construction, subject to the policy progress mentioned above and to third party project funding.
Velocys has previously received grants totalling £934,000 from the Future Fuels for Flight and Freight (F4C) competition, the predecessor to Green Fuels, Green Skies.
Henrik Wareborn, Velocys CEO, said:
“We are very pleased to have this enhanced level of support from the Department for Transport for the Altalto project. The momentum for Sustainable Aviation Fuel (SAF) in the UK and around the world is growing, demonstrated here by the recent consultations on the path to net zero aviation and on a SAF mandate. This grant demonstrates that the Altalto project is a key part of the strategy to accelerate a SAF industry in the UK.”
Sean Doyle, British Airways Chairman and CEO, said:
“We’re delighted that this project has received support from the Government’s Green Fuels, Green Skies competition, which is critical in helping us to drive forward the development of sustainable aviation fuel in the UK. Plants like this one would be a game-changer for our industry, not only delivering sustainable aviation fuel, but also creating hundreds of highly skilled jobs while increasing economic growth around the UK.
“Our parent company, IAG, was the first European airline group to commit to powering 10 per cent of its flights with sustainable aviation fuel (SAF) by 2030 – purchasing one million tonnes of SAF each year, equivalent to taking a million cars off Europe’s roads every year. Projects like this one are part of our journey to that SAF target and we look forward to pushing it forward.”
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.
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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)
+44 20 7408 4090
Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Field Consulting (General PR)
Rob Jeffery
+44 20 3697 7953
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 residual woody biomass and municipal solid waste. The Velocys technology can also enable the production of zero carbon fuels for the airline industry from renewable power and CO2.
Velocys is at present developing two reference projects: the Bayou Fuels project in Natchez, Mississippi, USA (incorporating Carbon Capture and Storage) and the Altalto project 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 reactor technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that its collaboration partner, Toyo Engineering Corporation (TOYO) is starting the advanced engineering and design phase of a commercial scale biofuel refinery in Japan.
TOYO’s engineering study will start to establish commercial-scale production of Sustainable Aviation Fuel (SAF) in Japan. During this phase of the project, TOYO will integrate biomass gasification, Velocys’ Fischer Tropsch (FT) technology and other process technologies to efficiently convert woody biomass into SAF. This project is part of the “Biojet Fuel (or SAF) Production Technology Development Project” of the Japanese Government’s New Energy and Industrial Technology Development Organization (NEDO).
This announcement follows on from the news that the demonstration project successfully produced SAF from woody biomass feedstock using the Company’s proprietary FT technology and enabled the first commercial flight with wood-based fuel.
Henrik Wareborn, CEO of Velocys, said:
“This step towards a commercial-scale biorefinery in Japan shows the increasing momentum of the Sustainable Aviation Fuel market. This announcement of a woody biomass project and last week’s announcement of the e-fuels project also with TOYO, build upon our successful demonstration last year.
“Velocys is well positioned to deliver its proprietary FT technology to biorefinery projects that convert a range of renewable feedstocks into the low carbon, sustainable fuel that airlines need to meet their carbon reduction goals, without having to make any adjustment to engines or fuelling systems.”
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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)
Sarah Mather (Corporate Advisory)
+44 20 7408 4090
Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Field Consulting (General PR)
Rob Jeffery
+44 20 3697 7953
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 abundant sustainable feedstocks such as residual woody biomass and municipal solid waste. The Velocys technology can also enable the production of zero carbon fuels for the airline industry from renewable power and CO2.
Velocys is at present developing two reference projects: one in Natchez, Mississippi, USA (incorporating Carbon Capture 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 reactor technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce its Fischer Tropsch (FT) technology has been selected for an e-fuels project by Toyo Engineering Corporation (TOYO) and its consortium of six leading Japanese companies. E-fuels are a promising set of sustainable fuels synthesised from hydrogen that is generated with renewable power and carbon dioxide that is captured from existing sources or the atmosphere.
Velocys’ role in this e-fuels project demonstrates the diversity of feedstocks that can be used in conjunction with the FT technology.
Alongside TOYO, the other five participating companies include Toshiba Energy Systems & Solutions Corporation, Toshiba Corporation, Idemitsu Kosan Co., Ltd., Japan CCS Co., Ltd., and All Nippon Airways Co., Ltd. These six companies are being commissioned by the Ministry of the Environment, Government of Japan jointly to commence a demonstration project. The ultimate goal is the commercialisation of a sustainable aviation fuels (SAF) supply chain based on carbon recycling and regional revitalisation through CO2 recycling.
The global advancement of SAF requires the need for technology, such as that owned by Velocys, to decarbonise aviation and help meet net zero targets. Velocys technology can also enable the production of SAF from sustainable waste and biomass as well as renewable power and CO2 streams (atmospheric and industry) into net zero carbon fuels for the airline industry.
Velocys’ participation in the project remains subject to contract with TOYO, a further announcement will be made in due course.
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)
Sarah Mather (Corporate Advisory)
+44 20 7408 4090
Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Field Consulting (General PR)
Rob Jeffery
+44 20 3697 7953
Notes to Editors
Velocys is an international UK-based sustainable fuels technology company. Velocys developed, designed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from abundant sustainable feedstocks such as residual woody biomass and municipal solid waste. The Velocys technology can also enable the production of sustainable aviation fuel from diverse feedstocks, such as renewable power and CO2 streams (atmospheric and industry), converting them into zero carbon fuels for the airline industry.
Velocys is at present developing two reference projects: one in Natchez, Mississippi, USA (incorporating Carbon Capture 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 reactor technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce the appointments of Ann Markey and Tom Quigley as independent Non-Executive Directors to the Velocys Board effective from 26 July 2021.
Ann Markey will be a member of the Audit, Risk & Sustainability, and Disclosure Committees with immediate effect and will be appointed as Chair of the Audit Committee with effect 30 September 2021.
Ann holds a degree in Civil Law and is an ACA qualified accountant with strong experience of finance leadership and infrastructure and decarbonisation policy development in the renewables energy sector. She is currently a Non-Executive Director of the Sustainable Energy Authority of Ireland (SEAI), the governing body responsible for the delivery of a number of key decarbonisation objectives for Ireland and is a Non-Executive Director of Foresight Solar Fund Limited (FSFL), the London listed renewable energy investment company, which has a diverse portfolio of ground based solar PV assets in the UK, Spain and Australia. In addition, Ann is a Non-Executive member of the Audit & Risk Committee of the Health Service Executive (HSE), Ireland’s national public health service provider and until June 2021 a Non-Executive Director of the Digital Hub Development Agency (DHDA), Ireland’s largest cluster of digital companies.
Ann was a senior executive with ESB, a leading Irish utility, and with Greencoat Capital, a leading renewable energy investment manager. She is a former director with the Irish Venture Capital Association (IVCA), the representative body for enterprises involved in the venture capital industry.
Tom Quigley will be a member of the Remuneration, Audit, and Risk & Sustainability Committees with immediate effect and will be appointed as Chair of the Remuneration Committee with effect 30 September 2021.
Tom Quigley is an ACA qualified accountant and joins Velocys as an experienced Non-Executive Director within the waste to clean energy and financial investment sectors.
Tom is currently a Non-Executive Director of EQTEC plc, the AIM-Listed waste gasification technology company. He also holds Non-Executive roles with Skipton International Ltd, an offshore savings bank and mortgage lender and Barchester Healthcare. Furthermore, Tom is currently Director and Chair of the Audit Committee of The States of Jersey Development Company and an Advisory Board Member of UBS Channel Islands.
Tom has had a successful career in the City of London in corporate finance as Managing Director for Close Brothers and ING Barings. Subsequently Tom held positions at Terra Firma Capital Partners, WP Carey and ETF Securities bringing with him a wealth of finance experience and City contacts.
Board Sub-Committee Changes
As previously announced, Sandy Shaw will step down as Senior Independent Director and Chair of the Remuneration Committee on 30 September 2021. Darran Messem will be appointed as Senior Independent Director in her place.
Following her departure, the Board Sub-Committees will be comprised as follows:
| Committee | Chair | Members |
| Audit | Ann Markey | Darran Messem, Tom Quigley |
| Risk & Sustainability | Darran Messem * | Phil Holland **, Ann Markey, Tom Quigley |
| Remuneration | Tom Quigley | Phil Holland **, Darran Messem |
| Nomination & Governance | Phil Holland | Darran Messem, Henrik Wareborn ** |
* Appointed as Committee Chair on 26 July 2021
** Appointed as Committee Member on 26 July 2021
Phil Holland, Chairman of Velocys plc, said:
“I am delighted to welcome Ann and Tom to the Velocys Board of Directors. As Velocys is now focused on commercialisation and technology deployment, the background, skills, clean tech market and finance experience that both Ann and Tom bring to the Board will significantly enhance our Board. I look forward to working with both as we make further progress in the commencement of FEED activity for our reference projects, and the future sales of reactors and catalysts to third party project developers.
“I would also like to thank Sandy Shaw for her 9 years of service to Velocys which has seen the Company successfully move through a critical stage of its development. She leaves Velocys well positioned to contribute to the reduction of global carbon emissions in transport.”
In accordance with Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies, additional information for Thomas Kelly Quigley (aged 58) and Ann Marie Markey (aged 54) is set out below:
Ann Markey
Current Directorships
Past Directorships (in the last 5 years)
Thomas Quigley
Current Directorships
Past Directorships (in the last 5 years)
As of the date of this announcement, Ann Markey and Thomas Quigley hold no ordinary shares in the capital of the Company.
There is no further information to disclose in respect of these appointments under Rule 17 and Schedule 2 paragraph (g) of the AIM Rules.
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)
Sarah Mather (Corporate Advisory)
+44 20 7408 4090
Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Field Consulting (General PR)
Rob Jeffery
+44 20 3697 7953
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 residual woody biomass and municipal solid waste.
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 reactor technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.
Velocys is pleased to have been shortlisted for the Government’s Green Fuels, Green Skies (GFGS) competition, aimed at supporting the UK’s emerging Sustainable Aviation Fuels (SAF) sector.
The competition follows sustainable aviation commitments laid out in the Prime Minister’s Ten Point Plan for a Green Industrial Revolution. Its key objective is to support the UK SAF sector in deploying innovative SAF production technologies at commercial scale that are capable of reducing UK aviation emissions.
Velocys’ Altalto waste-to-fuels project, which will take over 600,000 tonnes per year of household and commercial waste and convert it into cleaner burning SAF, is now being considered for a share of £15 million funding. This follows the company’s success in securing funding as part of the Government’s Future Fuels for Flight and Freight Competition (F4C) last year for the same project. Altalto will be the UK’s first commercial scale waste-to-jet-fuel facility when operational by the middle of the decade.
Announcement of competition winners is expected later in the Summer.
Both the UK and European Union have published new policy proposals intended to drive down emissions in their respective territories, with a significant focus on Sustainable Aviation Fuels (SAF) as a means of decarbonising the aviation sector.
In the UK, the Government presented their Transport Decarbonisation Plan. Launching the strategy, Secretary of State for Transport, Grant Shapps, stated that it was time to “build on British leadership in sustainable aviation fuels to deliver truly guilt free flying.” The Government has committed to putting together a comprehensive policy framework that could enable greater SAF uptake, with planned consultations on areas including the introduction of a SAF mandate and a target to reach net zero by 2040. This will sit alongside improving the UK ETS to accelerate aviation decarbonisation and aiming to agree an ambitious long-term global emissions reduction goal at ICAO by 2022. The plan was accompanied by the publication of a wider consultation document on Jet Zero.
The plan itself cited Immingham, the site of Velocys’ and British Airways’ planned Altalto project, noting: “with SAF plants planned in Immingham … it is clear there is an opportunity to develop these areas further and help them transition to more sustainable fuels production.”
The European Union published Delivering the European Green Deal, which seeks to reduce the bloc’s carbon emissions by 55% by 2030 compared with 1990 levels, and make Europe the world’s “first carbon neutral continent” by 2050.
EU proposals relating to the uptake of SAF include putting an obligation on fuel suppliers to distribute increasing levels of SAF at all EU airports, an obligation to uplift SAF blended fuels before each flight from an EU airport and a focus on the most innovative and sustainable fuels. Ultimately, the EU propose that from 2025 there should be a minimum volume share of 2% of SAF in EU flights, increasing to 5% by 2030 and ultimately 63% by 2050.
Velocys welcomes both initiatives, and believes that the technology solution we provide to our global client base will play an important role as the aviation sector moves to decarbonise in the years ahead. We eagerly await more details of the policies in the UK that will support the strong ambitions mentioned in the Jet Zero Consultation and the Transport Decarbonisation Plan.
The Transport Decarbonisation Plan can be found here.
Delivering the European Green Deal can be found here.