Site secured for UK waste-to-jet-fuel project

RNS Number : 9049K

Velocys PLC

19 December 2018

 

News release

Velocys plc

("Velocys" or "the Company")

19th December 2018

Site secured for UK waste-to-jet-fuel project

Velocys plc (VLS.L), the renewable fuels company, is pleased to announce that it has secured a site for the UK waste-to-jet-fuel project which it is developing in collaboration with British Airways and Shell.

The site of approximately 80 acres, near Immingham, North East Lincolnshire, is in an Enterprise Zone and earmarked for industrial development within the Local Plan. Development is subject to planning consent; the formal planning application process is expected to begin in 2019.

Altalto Immingham Ltd, a subsidiary of Velocys, has entered into an option agreement which gives it the right, but not the obligation, to acquire Rula Developments (Immingham) Limited, the company which owns the site, for up to three years. The project team is developing the engineering and business case for the project, and the project is also subject to funding and a final investment decision, which would include a decision to proceed with the acquisition of the Immingham site. In the event that the Company in consultation with its partners decides not to proceed with the purchase, the liabilities incurred as a result of the agreement are not material to Velocys.

- Ends -

For further information, please contact:

Velocys Henrik Wareborn, CEO	[phone]
Numis Securities (Nomad and joint broker) Alex Ham Stuart Skinner Jamie Lillywhite Tom Ballard	[phone]
Canaccord Genuity (Joint broker) Henry Fitzgerald-O'Connor Ben Griffiths	[phone]
Camarco (UK financial communications & PR) Billy Clegg Georgia Edmonds Tom Huddart	[phone]
Scoville Public Relations (US public relations) John Williams	[phone] #1

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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