Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce that copies of the 2020 annual report and accounts, together with the notice of Annual General Meeting, have been sent to all registered shareholders and is available for viewing on the Company’s website, www.velocys.com.
The Annual General Meeting will be held at 10.45 am on Wednesday 23 June 2021 at the Magdalen Centre, Robert Robinson Avenue, The Oxford Science Park, Oxford OX4 4GA.
In light of public health advice in response to the COVID-19 outbreak, including to limit travel and public gatherings, the Company strongly encourages all shareholders to submit their proxy, appointing the Chairman of the AGM as proxy. The UK Government has published its plans towards the removal, with effect from 21 June 2021, of the measures introduced and aimed at controlling the spread of COVID-19 (“COVID-19 Measures”). However, at the latest practical date prior to printing this Notice, there is no certainty that the COVID-19 Measures will no longer apply on 23 June 2021, the date of the AGM, and the AGM has therefore been arranged on the assumption that some or all of the COVID-19 Measures will continue to apply. Therefore the arrangements for the AGM are subject to change, possibly at short notice.
At the time of writing, the COVID-19 Measures are in place, and as a result, the AGM will be held as a closed meeting, and Shareholders will not be allowed to attend the AGM in person.
The situation regarding COVID-19 is constantly evolving, and the UK Government may change current restrictions or implement further measures relating to the holding of general meetings during the affected period. Any changes to the AGM (including any change to the location of the AGM) will be communicated to Shareholders before the meeting through our website at www.velocys.com and, where appropriate, by announcement made by the Company to a Regulatory Information Service.
Full information is set out in the notice of Annual General Meeting.
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head of Communications & Sustainability
+44 1865 800821
Panmure Gordon (UK) Limited (Nomad and Joint Broker)
Dan Norman (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 municipal solid waste and residual woody biomass.
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.
New legislation has been introduced in the United States House of Representatives, intended to drive the production and uptake of sustainable aviation fuel (SAF).
The Sustainable Skies Act brought forward by Congressman Brad Schneider, along with Congressman Dan Kildee and Congresswoman Julia Brownley, establishes a $1.50 – $2.00 per gallon blender’s tax credit for SAF that achieves at least a 50% reduction in lifecycle greenhouse gas emissions compared to conventional jet fuel. The credit will increase from $1.50 per gallon by one cent for each additional percentage of lifecycle greenhouse gas emissions savings demonstrated above 50 percent.
A performance-based tax credit will encourage the production of SAF and help make the low-carbon alternative to conventional jet fuel more cost-competitive, while further incentivising the development and deployment of SAF providing improved emission reductions.
Such legislation will help enable sustainable flight to be realised globally over the coming years and will drive commercialisation of SAF technology. Our planned Bayou Fuels facility located in Mississippi is set to produce negative-emission transportation fuels. We welcome the positive policy platforms and regulatory environment that has been created which should help the United States to become a leading sustainable fuels nation.
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 results for the period ending 31 December 2020 via the Investor Meet Company platform on Tuesday 25th May 2021 at 10:00am 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:
www.investormeetcompany.com/velocys-plc/register-investor
Investors who already follow VELOCYS PLC on the Investor Meet Company platform will automatically be invited.
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Andrew Morris, CFO
Lak Siriwardene, Head of Communications & Sustainability
+44 1865 800821
Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly
+44 20 3897 1830
Field Consulting (PR)
Robert Jeffery
+44 20 7096 7730
Notes to Editors
Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from municipal solid waste and residual woody biomass.
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, the sustainable fuels technology company, is pleased to announce its final audited results for the year ended 31 December 2020.
Commenting on IAG’s commitment to power 10 per cent of its flights with SAF by 2030 (click here for full release), Henrik Wareborn, CEO of Velocys, said:
“Velocys welcomes our project partner IAG’s commitment to power 10 per cent of its flights with SAF by 2030. Our planned Altalto waste-to-jet-fuel plant will be the UK’s first SAF facility and could be fuelling transatlantic flights in just five years’ time with no need to modify aircraft or engines at all.
“Velocys high performance catalyst and reactor technology, with the integration of carbon capture, can generate negative-carbon-emissions SAF – essential for any Net Zero strategy.
“We are proud to be collaborating with an organisation who recognises the essential role SAF will play in significantly decarbonising the aviation sector by 2030 and achieving net zero emissions by 2050.”
The UK Government has set an ambitious new target to reduce carbon emissions by 78% of 1990 levels by 2035, following recommendations from the Climate Change Committee (CCC).
For the first time, the Carbon Budget will incorporate the UK’s share of international aviation and shipping emissions. As the only near-term solution to aviation decarbonisation, sustainable aviation fuels (SAF) will play an essential role in meeting these ambitious new targets.
The Prime Minister said of the decision, “The UK will be a home to pioneering businesses, new technologies and green innovation as we make progress to net zero emissions”.
Altalto, the UK’s first SAF facility being developed by Velocys and British Airways in North East Lincolnshire, is one such example of the innovative projects that will be required to bring about this progress.
Velocys SAF technology, alongside others, will be key to driving down not only UK but also international aviation emissions in the years ahead.
Velocys, the sustainable fuels technology company, is pleased to announce that it has jointly agreed to extend the current option agreement with British Airways for the Altalto project to 31 March 2022. Exercise of the option would give both parties equal equity ownership (50/50) of Altalto Ltd and the right to appoint a Director. Details of the original option agreement were previously announced on 12 May 2020.
The Company also welcomes the UK Government announcement (16 March 2021) of the launch of a new £15m ‘Green Fuels, Green Skies’ grant funding competition. This funding is intended to support the production of Sustainable Aviation Fuel (SAF). Altalto Immingham Ltd intends to apply for a grant in this competition, on behalf of Velocys and British Airways. The results of the competition are expected to be announced by the Department for Transport on 31 July 2021.
The Company expects the project will be in a position to launch its front-end engineering design (FEED) later in 2021 subject to confirmed UK Government policy support and the addition of new investment partners in the project.
In addition, on 25 March 2021 the Secretary of State for Transport, the Rt Hon Grant Shapps MP, opened a Consultation into amending the Renewable Transport Fuel Obligation (RTFO) to increase the carbon savings it achieves. Velocys welcomes the launch of this process, fully supports its objectives and will be actively participating in the Consultation. The Secretary of State notes that expanding the RTFO to include recycled carbon fuels would “transform the commercial viability” of waste-to-fuel technology and support pioneering projects in the UK looking to develop sustainable aviation fuel from household waste.
Henrik Wareborn, CEO of Velocys, said:
“I thank British Airways for their renewed commitment to our joint efforts to advance the Altalto waste-to-SAF project. Our announcement today reflects the strength of our partnership and commitment to the project.
“SAF remains critical to the decarbonisation of aviation; it is applicable to all flights including long-haul and can be used immediately with no need for modifications to aircraft fleets or refuelling infrastructure. Velocys has the technology to enable the production of SAF from wastes, avoiding landfill or incineration, and our technology can be coupled with Carbon Capture and Storage (CCS) to achieve net zero fuels. Policy support remains critical to the establishment of UK SAF facilities, but with the right support, we can enable a clean future for aviation. Whilst there is no guarantee that the Altalto project’s application to the Green Fuels, Green Skies competition will be successful, we are delighted to see this new Government initiative to support the production of SAF.”
Sean Doyle, CEO of British Airways, said:
“Despite the crisis in global aviation, it is vital for our future that we continue to address climate change and we remain focused on playing our part to reduce the impact we have on the planet. For the last 100 years we have connected Britain with the world and the world with Britain, and to ensure our success for the next 100, we must do this sustainably.
“Progressing the development and commercial deployment of Sustainable Aviation Fuel is crucial to decarbonising the aviation industry and to meet our commitment to carbon net zero by 2050. The UK has the experience and resources needed to become a global leader in the deployment of such sustainable aviation fuel production facilities, and we need Government support to drive decarbonisation and accelerate the realisation of this vision.”
_
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, Head of Communications & Sustainability
+44 1865 800821
Panmure Gordon (UK) Limited (Nomad and Joint Broker)
Dan Norman (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)
Robert Jeffery
+44 20 7096 7730
Notes to Editors
Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from municipal solid waste and residual woody biomass.
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 announce the appointment of David Bate as the Group’s General Counsel, VP Legal and Compliance based in the Oxford office headquarters.
David’s most recent position was at Schlumberger where he was responsible for all legal support to the group’s upstream asset portfolio covering M&A, business development, risk and project management, development financing and other regulatory matters.
Over a 25 year + career in energy, he has previously worked for several large-cap multinationals and AIM-listed energy businesses. These include positions at ENI, Enterprise Oil, Chevron, Anadarko, Valiant Petroleum and E.ON. He has been involved in all aspects of the upstream and midstream oil and gas sector across diverse international jurisdictions, having undertaken roles in Amsterdam, Dublin and Asia. His extensive experience includes establishing and managing legal functions, compliance and corporate governance and expertise in M&A and dispute resolution, as well as the negotiation and application of commercial agreements relevant to the energy industry, project financing and other aspects of the value chain.
He began his career at Clifford Chance specialising in corporate law, is a qualified solicitor and holds an LL.B from the University of Liverpool.
Henrik Wareborn, CEO, said:
“We are very pleased to have David on board in this new company role and to be able to benefit from his specialist expertise. Velocys is accelerating into commercial deployment of our technology now after a long period of research and development, which requires support and leadership by our new highly qualified General Counsel.”
Velocys was pleased to attend the second meeting of the Jet Zero Council, the government-industry partnership focused on developing UK capabilities to deliver net zero emission commercial flight. Sustainable Aviation Fuel (SAF) is a key part of this initiative, and plans to support the rapid commercialisation of SAF in the UK were discussed at the meeting.
The meeting coincided with the launch of a new £15m ‘Green Fuels, Green Skies’ competition, aimed at supporting UK companies and projects to create first of a kind SAF facilities like the Altalto waste-to-fuels plant being developed by Velocys and British Airways in North East Lincolnshire.
Responding to the launch of the new competition, which was first announced as part of the Prime Minister’s Ten Point Plan for a Green Industrial Revolution, Andrew Morris, CFO of Velocys, said:
“The launch of the ‘Green Fuels, Green Skies’ competition is another positive signal that the Government wants to invest in the sustainable aviation fuel (SAF) industry in the UK. As Velocys continues to develop plans for the UK’s most advanced SAF facility, we welcome this move to accelerate projects like ours and to build the British SAF industry as part of a green recovery.
“Building such an industry also requires policy changes, notably the introduction of a robust revenue support mechanism for SAF production facilities. In the year we host COP26, such action and support will show the UK as a world leader and demonstrate how serious we are about Jet Zero.”
The UK Government’s Transport Secretary, Grant Shapps, has reiterated his support for sustainable aviation fuels (SAF) during an interview, saying, “If you’re going to fly around domestically, you will need to use sustainable aviation fuels”.
Speaking on BBC Radio 4’s Today programme following the publication of Sir Peter Hendy’s Interim Report on the Union Connectivity Review, Shapps told listeners that sustainable aviation is “not as far away as people think. Sustainable aviation fuel is already a reality.”
He said that decarbonisation was central to the UK Government’s agenda. “We’re about to produce the world’s first Transport Decarbonisation Plan which will look at our overall output of carbon – transport is the biggest contributor of all to carbon in this country now, nearly a third of it – and making sure we’re cutting that to zero so that by 2050 we are at net zero. Because we are leading the world in many of these areas.”
Velocys’ sustainable fuels technology will have a key role to play in facilitating the aviation sector’s move to net zero. SAF represents the here-and-now solution to aviation decarbonisation, requiring no modifications to existing aircraft or refuelling infrastructure. Appropriate policy support from the Government will help ensure that the UK becomes a world leader in SAF technologies.
The Transport Secretary’s comments can be listened to in full here (at 2.35).