Velocys PLC Business Update (6944L)
21 July 2017 - 4:01PM
UK Regulatory
TIDMVLS
RNS Number : 6944L
Velocys PLC
21 July 2017
News release
Velocys plc
("Velocys" or "the Company")
21 July 2017
Business update
Velocys plc (VLS.L), the renewable fuels company, provides the
following business update.
With the production of saleable products at ENVIA Energy's GTL
plant in Oklahoma City, Velocys has successfully demonstrated that
its Fischer-Tropsch (FT) reactors and catalyst meet the performance
requirements at a commercial scale. The Company is now actively
transitioning from its previous focus on technology development, to
the commercialisation of its technology in selected high value
markets.
On delivering a commercially robust FT product offering, the
Company has now successfully completed the current phase of its
development programme. As a consequence it has decided that its
Milton Park, UK research and development activities will close and
certain related activities will cease at its Plain City facility in
Ohio. The Company will continue to maintain an ongoing commercial
and operational office in the UK. The above developments will
reduce the operational costs of the business on an annualised
basis.
Velocys will continue to grow its operational base in Houston,
Texas and build the capabilities required to take forward its new
biorefinery delivery business model with its strategic
partners.
- Ends -
For further information, please contact:
Velocys +44 1235 841
David Pummell, CEO 700
Numis Securities (Nomad and joint
broker)
Alex Ham
Stuart Skinner
Jamie Lillywhite +44 20 7260
Tom Ballard 1000
Canaccord Genuity (Joint broker)
Henry Fitzgerald-O'Connor +44 20 7523
Ben Griffiths 8000
Camarco (Financial communications
& PR)
Billy Clegg +44 20 3757
Georgia Edmonds 4983
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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