News release - 21st July 2017 - Business update
Velocys plc (VLS.L), the renewable fuels company, provides the following business update.
With the production of saleable products at ENVIA Energy's GTL plant in Oklahoma City, Velocys has successfully demonstrated that its Fischer-Tropsch (FT) reactors and catalyst meet the performance requirements at a commercial scale. The Company is now actively transitioning from its previous focus on technology development, to the commercialisation of its technology in selected high value markets.
On delivering a commercially robust FT product offering, the Company has now successfully completed the current phase of its development programme. As a consequence it has decided that its Milton Park, UK research and development activities will close and certain related activities will cease at its Plain City facility in Ohio. The Company will continue to maintain an ongoing commercial and operational office in the UK. The above developments will reduce the operational costs of the business on an annualised basis.
Velocys will continue to grow its operational base in Houston, Texas and build the capabilities required to take forward its new biorefinery delivery business model with its strategic partners.
