Resolution of Ventech Trustees Claim

RNS Number : 6237I

Velocys PLC

15 December 2020

 

News release

Velocys plc

("Velocys" or "the Company")

15 December 2020

Resolution of Ventech Trustees Claim

As previously disclosed, Velocys has been in dispute with the bankruptcy trustees of Ventech Engineers International LLC, a former commercial partner of the Company.

Velocys is today pleased to announce that the Company has signed a full and final de minimis settlement agreement and global mutual release of all current and potential future claims between the said trustees and the Velocys Group.

The Board is satisfied with the resolution of this matter and can confirm that it will have no material impact on the Company's financial position or results.

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For further information, please contact:

Velocys Henrik Wareborn, CEO Andrew Morris, CFO Lak Siriwardene, Head of Communications & Sustainability	[phone]
Numis Securities (Nomad and joint broker) Stuart Skinner	[phone]
Canaccord Genuity (Joint broker) Henry Fitzgerald-O'Connor James Asensio Radnor Capital Partners (Investor Relations)  Joshua Cryer Iain Daly	[phone]   [phone]
Field Consulting (General PR) Robert Jeffery	[phone]

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.

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 plants currently in construction and development.

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 technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.

www.velocys.com

 

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