Wednesday, December 1, 2021
Home Business City backs green jet fuel development as Velocys secures £25m investment

City backs green jet fuel development as Velocys secures £25m investment

Green jet fuel refinery developer Velocys has secured the £25 million it was looking for from the City to be able to ship its subsequent stage work.

A complete of 312.5 million shares have conditionally been positioned after they have been opened up as the market closed on Thursday.

Within hours the bookbuild was full, with the method described as “significantly oversubscribed”, and is now topic to present shareholder approval at a gathering subsequent month.

Read extra:Velocys secures green aviation fuel provide offers for US plant

The money will likely be used to put money into manufacturing functionality for the reactors it builds, to advance its Humber and US tasks to the purpose of securing exterior investment into the detailed engineering stage, whereas additionally doubtlessly securing a website possibility for extension of the previous.

Backed by British Airways, the development identified as Altalto Immingham is consented for land off Hobson Way, Stallingborough, near the port and an present refining cluster. It will produce fuel from family waste.

Henrik Wareborn, chief executive of Velocys.
Henrik Wareborn, chief government of Velocys.

Velocys chief government, Henrik Wareborn, mentioned: “Velocys has a technology solution to accelerate the decarbonisation transition for global aviation clients which has been commercially demonstrated and is ready for commercial scale deployment.

“As a capital-light, licensing company which benefits from recurring revenues from the full-service technology packages we provide to our clients, we have a strong platform for scalable growth. This placing and open offer, which has been significantly oversubscribed, will enable the investment required to advance our commercial traction and proceed towards our goals.

“On behalf of the board I would like to express my appreciation to the investors who have supported us in this placing.

“We look forward to continuing to pursue our strategy, which we believe will create value for all of our stakeholders.”

Major acquirer is Lansdowne Partners, an investment administration partnership that claims it represents a few of the world’s largest and most subtle buyers. It has upped its stake in Velocys, an Oxford University spin-out fused with a US acquisition in allied know-how, to 18.2 per cent.

As reported, shares have been supplied at 8p. An open supply to present eligible shareholders has additionally been made, wanting so as to add an extra £2 million.

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