Velocys PLC GBP2.5m UK Government grant for new e-fuels project (3009J)
12 December 2022 - 6:01PM
UK Regulatory
TIDMVLS
RNS Number : 3009J
Velocys PLC
12 December 2022
12 December 2022
News Release
Velocys plc
("the Company")
Award of GBP 2.5m grant for new e-fuels project
Awarded by the UK Government's Advanced Fuels Fund
Velocys plc (VLS.L), the sustainable fuels technology company,
announces that in addition to the GBP27m grant from the UK
Department for Transport's ("DfT") Advanced Fuels Fund for the
Altalto waste-to-SAF project, announced separately today, it has
also been awarded a grant of GBP 2.5 million from the same fund, to
contribute its technology to an e-fuels project in the UK in
collaboration with a number of new and existing partners ("E-Fuels
Project").
The Advanced Fuels Fund provides grants to support the
development of commercial-scale SAF plants and has a specific total
allocation of GBP22 million for the development of e-fuels
projects. These are fuels produced using renewable (decarbonised)
electricity rather than vegetable oils or waste.
The GBP 2.5 million grant awarded to Velocys under this e-fuels
allocation will be used in conjunction with the E-Fuels Project's
partners to conduct feasibility, technical validation, site
selection and pre-FEED engineering for such a project, to make SAF
from carbon dioxide and hydrogen, in the UK.
The E-Fuels Project, to be known as "e-Alto", will be managed by
Velocys, partners include Clariant Catalysts ("Clariant"), Technip
Energies ("T.EN") and British Airways.
The key objective of the Advanced Fuels Fund is to kick-start
the UK advanced fuels sector with the commercial deployment of
innovative fuel production technologies that are capable of
significantly reducing UK aviation carbon dioxide emissions.
Henrik Wareborn, CEO, said:
"We are very pleased to have been awarded this grant as it
reflects the capability of the Velocys technology use of different
feedstocks, ability to attract world class partners, and access to
a new project portfolio. Our IP-protected technology enables the
production of synthetic liquid fuels such as SAF for the airline
industry, from renewable power and CO2, as well as from sustainable
waste and biomass. This award also shows strong commitment from the
UK Government to accelerate the Department for Transport's Jet Zero
strategy for achieving net zero aviation by 2050."
For further information, please contact:
Velocys
Henrik Wareborn, CEO
Philip Sanderson, CFO
Lak Siriwardene, Director of Communications +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) +44 20 7408 4090
Radnor Capital (Investor Relations)
Joshua Cryer
Iain Daly +44 20 3897 1830
Buchanan (Financial PR)
Helen Tarbet
Simon Compton +44 20 7466 5000
--Ends-
Notes to Editors
Velocys is an LSE-listed, international sustainable fuels
technology company, traded on the AIM, providing customers with a
technology solution to enable the production of negative Carbon
Intensity synthetic, drop-in fuels from a variety of waste
materials. Synthetic fuel is the only commercially available,
permanent alternative to fossil aviation fuels. The Velocys
technology is IP-protected in all major jurisdictions.
Two reference projects (Bayou Fuels, US, and Altalto, UK) are
designed to accelerate the adoption and standardise the Velocys
proprietary Fischer Tropsch (FT) technology with an integrated end
to end solution, including renewable power and carbon
sequestration.
Velocys is enabling commercial scale synthetic fuel production
in response to the clean energy transition, with significant
additional positive air quality impacts.
www.velocys.com
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