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.
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce the execution of a strategic framework agreement with Koch Project Solutions (KPS), a subsidiary of Koch Engineered Solutions, for Velocys’ Bayou Fuels biorefinery project in Natchez, Mississippi, U.S.
Subject to completion of due diligence and integrated licensor work, KPS may be awarded a turnkey engineering, procurement and construction (EPC) contract to deliver the project facility, including an integrated performance guarantee wrap backed by a parent company guarantee.
This project is expected to produce approximately 33 million US gallons/year (125 million litres/year) of sustainable aviation fuel (SAF) with negative Carbon Intensity and naphtha made from woody biomass from the pine plantations in the counties surrounding Natchez in Mississippi. Upon successful execution of an EPC contract, KPS will be responsible for constructing and commissioning this first-of-its-kind facility, which includes the use of renewable power with carbon capture and storage of the plant’s by-product carbon dioxide. The conversion process from gasification of wood chips to FT synthesis generates a significant volume of biogenic carbon dioxide as a by-product. This carbon dioxide is clean, of high concentration and dry and can be used for commercial purposes, replacing fossil based carbon dioxide, or permanently sequestered. The fuels produced from the facility will meet all requirements and regulations to be sold in the US and generate Federal and State credits under RFS-2 and the relevant State Low Carbon Fuel Standards.
The Company continues to retain Worley as engineering partner for the development of pre-feasibility, feasibility and fully integrated technology packages for all Velocys projects, including the planned FEED phase for this Bayou Fuels project.
Henrik Wareborn, CEO of Velocys, said:
“The framework agreement with KPS is an important step in the progress of staged development of the Bayou Fuels biorefinery in Mississippi, US, which will support a financing package for the FEED phase of the project. We selected KPS due to their expertise in strategically evaluating and managing complex projects, particularly in the energy infrastructure space.
“The project will deliver SAF with a Carbon Intensity of -144g CO2e/MJ through the combination of biogenic feedstock, renewable power and carbon capture and storage. Such fuels significantly contribute to improved air quality, by reducing particulate emissions by up to 90%, lower Nitrogen Oxides and 99% lower Sulphur emissions compared to fossil fuels and standard aviation fuel.
“The US is gathering considerable momentum backed by much needed SAF policy support, as seen with the recently announced ‘Sustainable Skies Act’, which will establish the SAF blenders tax credit. Velocys is well positioned to deliver the Bayou Fuels Project with an integrated technology to drive down the Carbon Intensity of its aviation industry clients.”
Paul Switzer, President of Koch Project Solutions, said:
“Koch Project Solutions is proud to support the Velocys Bayou Fuels project and look forward to using the full breadth of our resources to deliver this pioneering biorefinery project on time and to budget. KPS is committed to contributing to the advanced renewable fuels industry and the Bayou Fuels project fulfils our vision.”
Certain information contained in this announcement may constitute 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, Head 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.
Koch Project Solutions strives to be the preferred partner for capital project execution. Built on a foundation of safety, Koch Project Solutions partners with project owners to develop customized execution and contracting strategies designed to maximize the return on investment. Superior Outcomes. Consistently Delivered.
Koch Project Solutions is built on more than half a century of proven performance. As a Koch Engineered Solutions company, we work as problem solvers and capability builders for industrial customers. Koch Engineered Solutions operates in 25 countries with 4,000 full-time employees at 56 global engineering and sales offices, and 17 manufacturing facilities.
KES is a division of Koch Industries. In their long history, Koch companies have been granted about 10,300 patents, and have earned more than 1,300 awards since 2009 for safety, environmental excellence, community stewardship, innovation and customer service.
www.kochind.com/companies/koch-engineered-solutions
Velocys has been included as part of a select group in a newly launched clean energy index. The Index was developed to showcase the top European clean energy companies that are actively enabling the global transition to a net zero carbon world, aligned with a 1.5°C target.
The Index, centred around a rigorous proprietary ‘Active Net Zero™’ methodology, evaluates a company’s performance towards the energy transition in a systematic framework and is designed to mitigate greenwashing by penalizing fossil fuel activities and rewarding actual achievement and positive contribution to the delivery of Net Zero targets. The Active Net Zero™ Clean Energy Universe is made of up of c.140 European listed companies spanning a range of sectors and market caps.
For Velocys and other such companies that make up the Active Net Zero™ Clean Energy Universe, there will be a benchmark providing a true validation to those genuinely capable of driving forward the net zero energy transition. The Active Net Zero™ Clean Energy Index has ambitions to become the standard by which the progress of the net zero transition will be measured.
For further information please visit the Active Net Zero™ website at:
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that sustainable aviation fuel (SAF) produced by the Company’s proprietary technology using woody biomass residue feedstock has been used in a commercial flight by Japan Airlines (JAL).
Japan Airlines flight (JAL #515) from Tokyo to Sapporo was completed on 17 June 2021.
This important milestone follows on from the collaboration agreement signed with Toyo Engineering Corporation (Toyo) to commence the development of Toyo’s commercial projects to produce SAF and other renewable fuels in Japan using Velocys micro-channel FT technology.
The flight is the first commercial flight in the world to use SAF derived from gasified wood-chips synthesised into aviation fuel. The fuel was produced in a Velocys FT reactor from the hydrogen and carbon gases generated by the gasification of the wood-chips at the demonstration plant in Nagoya in 2020. This facility produced 2,366L of neat aviation fuel blendstock which was tested to ensure that it met the required international standard, ASTM D7566 Annex1. SAF that meets this specification can be blended into conventional jet fuel at any ratio from a small fraction up to 50%.
Henrik Wareborn, CEO of Velocys, said:
“Velocys is pleased to announce the validation of SAF derived from woody biomass as evidenced by the use of 25% SAF blend in this first in the world commercial flight using wood-chips derived jet fuel.
”SAF synthesised with the Velocys FT technology from gasified forestry residue has a 70% lower Carbon Intensity than conventional fossil jet fuel. In addition, FT-SAF offers significant additional air quality improvements thanks to 90% lower particulate emissions, 99% lower sulphur emissions and lower nitrogen oxide emissions than conventional fossil fuels.”
Haruo Nagamatsu, CEO of TOYO, said:
“The Velocys technology demonstrated high efficiency and stable performance at the NEDO pilot plant, and contributed to the production of high-quality SAF, green naphtha and green diesel.”
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head 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 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.
The importance of Sustainable Aviation Fuel (SAF) to decarbonisation of the aviation sector has been raised during a meeting of the Prince of Wales’ Sustainable Markets Initiative (SMI). As part of the UK-hosted G7 Summit, world leaders were challenged to collectively commit to mandates for the use of SAF.
During discussions on the need for coordinated action to tackle climate change, SMI member Heathrow Airport said that aviation is a force for good, connecting people, cultures and enabling trade, but reducing carbon will be essential to protecting those benefits in a net zero world. It was proposed that the G7 should commit to at least a 10% use of SAF by 2030, supported by price incentives.
Heathrow CEO John Holland-Kaye told the meeting: “We all agree that stopping climate change is the biggest challenge facing our planet. The G7 has already shown leadership by agreeing a global minimum corporate tax, and if we can tap into that collective spirit to collectively commit to a mandate for at least 10% use of sustainable aviation fuel by 2030 and the right price incentives to use it, we will ensure our children can have the benefits of flying without the carbon cost.”
Velocys fully supports the use of appropriate policy measures to drive the incentivisation of both SAF production and usage, and believes our technology solution will play an essential role in driving forward aviation’s move to net zero.
Velocys CEO Henrik Wareborn has been interviewed by S&P Global Platts, providing an update on the Altalto project and commenting on the future of the UK market for sustainable aviation fuels (SAF).
In the article “Velocys sees UK green policies kick-starting commercial SAF project”, Henrik Wareborn made clear the need for policy support if the UK is to become a world leading SAF hub.
“Britain has to compete with the US and other countries for inbound investment and technology to build a domestic SAF industry,” he said, but noted that the UK government was acutely aware of the importance of keeping pace with international developments in SAF.
He discussed the benefits of producing fuel from municipal solid waste. Not only is the feedstock abundant, but avoiding landfill or incineration results in a negative cost. Velocys would not be competing for feedstocks such as vegetable oil which have been subject to price spikes in recent months.
Commenting on increasing market interest in SAF, he said, “The independent refiners, who are not encumbered with huge upstream crude oil assets, are now falling over themselves to see how they can integrate our technology into their processes, so they can reduce use of crude oil and increase processing of waste feedstocks instead”.
Velocys has a growing and diverse portfolio of international client projects and licensing agreements from the USA to Japan and Henrik Wareborn believes the production of SAF has a bright future in the decarbonisation of aviation.