Offshore GTL Partnership

RNS Number : 9079Z

Oxford Catalysts Group PLC

23 March 2012

 



23^rd March 2012

OXFORD CATALYSTS GROUP PLC

("Oxford Catalysts" or "the Group")

Offshore GTL Partnership

Oxford Catalysts Group PLC, the leading technology innovator for synthetic fuels production, is pleased to announce that Toyo Engineering Corporation ("Toyo") and MODEC, Inc. ("MODEC") have committed several $millions of additional funds to the Group for 2012.

The Group's partnership with Toyo and MODEC was established in 2007 to jointly exploit the Group's technology in the offshore GTL market, with Toyo and MODEC fully funding the development and demonstration of the technology. In 2008, Kobe Steel Ltd. ("Kobe Steel") was added to the partnership as a preferred manufacturer, and in 2010 an agreement was announced with Petróleo Brasileiro S.A. ("Petrobras") to host and cover the running costs of the first integrated demonstration of the Group's offshore GTL technology at its Fortaleza refinery in Brazil.

The additional funds from Toyo and MODEC will be used by the Group to accelerate commercial readiness ahead of orders in the offshore GTL market.

Roy Lipski, CEO of Oxford Catalysts Group said:

"Combining the Group's technology with Toyo's engineering expertise, MODEC's leading position in offshore vessels and Kobe Steel's manufacturing prowess, makes for an unbeatable proposition in the offshore GTL market.

"We're pleased to have the continued support of our partners. This latest financial commitment is a strong vote of confidence in our technology."

- Ends -

For further information, please contact:

Roy Lipski, CEO, Oxford Catalysts and Velocys	[phone]
Ken Fleming / Beth McKiernan, Cenkos Securities (Nomad and Broker)	020 7397 8900 / 0131 220 6939
Billy Clegg / Alex Beagley, FTI Consulting	020 7831 3113

Notes to Editors

Oxford Catalysts designs and develops technology for the production of clean synthetic fuels from both conventional fossil fuels and renewable sources such as bio-waste. The Group is primarily focused on the emerging market for distributed scale production of synthetic fuels via Fischer-Tropsch ("FT") synthesis − a market that has the potential of producing as much as 25 million barrels of fuel a day.

The FT reaction is used when converting natural gas, coal or bio-mass into clean high-performance liquid synthetic fuels, processes known as GTL, CTL and BTL respectively. The Group is the recognised world leader in the design and development of high-activity catalysts and associated novel chemical reactors for the small scale production of synthetic fuels. (The Group's reactor technology − known as microchannel process technology − is marketed under the brand name of Velocys).

Oxford Catalysts Group PLC is listed on the AIM market of the London Stock Exchange (LSE: OCG). The Group has some 85 employees with facilities near Oxford, UK and Columbus, Ohio, USA.

www.oxfordcatalysts.com

www.velocys.com

 

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