Velocys, the sustainable fuels technology company, joined Kwasi Kwarteng MP, the UK’s Clean Growth Minister, at Drax Power Station to discuss the opportunities for carbon capture usage and storage (CCUS) technology in the Humber region.
Dr Neville Hargreaves, VP Waste to Fuels at Velocys, alongside other businesses including Drax, made the case to establish the Humber as a hub for negative emissions technologies.
Following news last Autumn of the agreement with Oxy in the US, Velocys now has the capability to capture and store underground emissions from its waste-to-fuels process. This means the Velocys project planned in nearby Immingham, which will be Europe’s first waste-to-jet fuel facility, could produce negative emission aviation fuel.
Commenting on the Minister’s visit, Dr Neville Hargreaves said:
“The UK, and in particular the Humber’s Energy Estuary, has the opportunity to become a world leader in the production of sustainable aviation fuel – something that will be highly desirable in a net zero world.
“We have developed a process for producing negative emissions aviation fuel from everyday household waste. Our first facility, subject to planning and financing, could be fuelling aircraft from 2024, cutting lifecycle emissions by as much as 200%.
“But in order to realise the benefits of negative emissions technologies, we need the UK Government to establish a CCUS investment framework and ensure projects like ours can link into a CO2 transport and storage infrastructure network in the region.
“We look forward to continuing discussions with the Minister and his Department over the coming months to ensure the Humber can become a hub for negative emissions technologies.”
Dr Neville Hargreaves and Rt Hon Kwasi Kwarteng
In a global web conference, Velocys VP of Waste to Fuel, Dr Neville Hargreaves, discussed the potential for sustainable hydrocarbon fuel to be blended with marine diesel.
Velocys took part in a global web conference on ‘Future Fuels for shipping: Hydrogen & Fischer-Tropsch Drop-in Fuels.’ Dr Neville Hargreaves, Velocys Vice President of Waste to Fuels, made the case for sustainable hydrocarbon fuels, how they were made through Velocys’ Fischer-Tropsch process, and the commercial applications for the fuel.
Velocys’ fuel will primarily be used in aircraft and heavy goods vehicles, but Dr Hargreaves discussed the potential for the fuel to be blended with marine diesel. The significance of this for maritime industries would be immediate CO2 reductions with no change required to engines or bunkering infrastructure. He said, “this would act as a transitional fuel; it has a huge role to play” but would require supportive regulation and a concerted drive to implement.”
Tammy Klein, Principal Consultant at Future Fuel Strategies – the host of the webinar who provide market and policy intelligence for the fuels industry – said, “the type of fuel that Velocys is looking to commercialise is really exciting, it hits the boxes, it’s not only carbon neutral, but heading into carbon negativity.”
The full webinar is available here and a summary of the session can be found here.
Velocys, the sustainable fuels technology company, has met with the team at Drax Power Station in North Yorkshire which is behind plans to use bioenergy with carbon capture and storage (BECCS) technology to enable their business to become carbon negative by 2030.
In August 2019 Velocys’ subsidiary Altalto Immingham Limited, a collaboration with British Airways and Shell, submitted plans for Europe’s first commercial waste-to-jet-fuel plant near Immingham on the South Bank of the Humber. The company is in support of the Zero Carbon Humber campaign, which is seeking to develop a large-scale carbon dioxide transport and storage network in the Humber that would significantly reduce emissions and create new job opportunities for the region.
Dr Neville Hargreaves, VP Waste to Fuels, Velocys, said:
“Subject to planning consent and financing, our Altalto Immingham project could be producing sustainable aviation fuel as soon as 2024. Velocys has a robust technological solution for this challenging sector which addresses one of the hardest sectors to decarbonise and can help the UK meet its net zero target.
“Furthermore, we’ll also produce a capture-ready stream of carbon dioxide, and thus a transport and storage network in the Humber would allow us to make negative emission fuels, delivering a further environmental benefit.”
Steve Drayton, Director of Innovation at Drax, said:
“There are some interesting synergies between our ambitions at Drax to become the world’s first carbon negative company and Velocys’ plans to produce carbon negative fuels in the Humber.
“Having innovative businesses like Velocys in the Humber region makes a zero carbon industrial cluster here an exciting possibility, which will result in new jobs and clean growth delivering for the environment as well as the economy.”
The Zero Carbon Humber campaign aims to create the UK’s first net zero industrial cluster in the region which could make a bigger contribution to UK’s climate goals than any other industrial cluster – capturing 15% of the UK’s current annual CO2 emissions.
By using bioenergy with carbon capture and storage (BECCS) Drax will be able to remove more carbon dioxide from the atmosphere than it produces, creating a negative carbon footprint for the company.
Steve Drayton (Director of Innovation, Drax), Dr Neville Hargreaves (VP Waste to Fuels, Velocys), Brian Greensmith (Drax), Richard Gwilliam (Drax), Martin Hopkins (Velocys)
Velocys featured on Panorama, as part of the programme’s investigation into ‘Can Flying Go Green?’
During the show in autumn 2019 Dr Neville Hargreaves, Velocys Vice President of Waste to Fuels, outlined the role that Velocys’ technology can play in greening the aviation industry. Velocys are developing the Altalto project in collaboration with British Airways and Shell, which will utilise unwanted household waste by unlocking its trapped energy to turn it into sustainable aviation fuel. This will be the first project of its kind in Europe.
Hargreaves told the BBC’s Chief Environment Correspondent Justin Rowlett “anything you throw in your black bag, nappies, plastic, cardboard, food, anything that can’t be recycled, we’ll take that and turn it into sustainable aviation fuel.” Rowlett described the benefits of the project further, saying “This fuel will avoid the polluting process needed to produce kerosene, and lots of the waste would emit greenhouse gases in landfill, so why not use it to power aircraft instead?”
You can watch the full programme on BBC iPlayer. Velocys’ segment can be found at 07:48.
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.
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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