E-fuels project

RNS Number : 6664J

Velocys PLC

25 August 2021

 

News Release

Velocys plc

("the Company")

25 August 2021

E-fuels project

Velocys technology selected for Japanese e-fuels project

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.

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For further information, please contact:

Velocys Henrik Wareborn, CEO Andrew Morris, CFO Lak Siriwardene, Director of Communications & Sustainability	[phone]
Panmure Gordon (UK) Limited (Nomad and Joint Broker) Hugh Rich (Corporate Broking) Emma Earl (Corporate Finance) John Prior (Corporate Finance)	[phone]
Shore Capital Stockbrokers Limited (Joint Broker) Henry Willcocks (Corporate Broking) Toby Gibbs (Corporate Advisory) Sarah Mather (Corporate Advisory)	[phone]
Radnor Capital (Investor Relations) Joshua Cryer Iain Daly	[phone]
Field Consulting (General PR) Rob Jeffery	[phone]

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.

www.velocys.com

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