Stock Market News
Velocys secures waste-to-jet fuel project funding
Velocys has secured £4.9m of funding from the Department for Transport and various corporate investors to help the renewable fuels company through the next development phase of its waste-to-jet fuel project.
The funding package, granted as part of the Department for Transport's Future Fuels for Flight and Freight competition, together with ongoing policy support provided by the Renewable Transport Fuel Obligation, will help Velocys' waste-to-fuels project bring jobs and clean growth to the UK.
Velocys has already completed the initial feasibility stage of the project and will soon undertake a detailed pre-front end engineering and design study and site permitting activities, fully funded by a combination of the DfT grant and £4.5m committed by its industry partners, Shell and British Airways.
In January the company raised £18.4m before expenses to fund initial development costs for the waste-to-fuel project and the development of a biorefinery in Mississippi, USA.
David Pummell, chief executive of Velocys, said on Monday: "Today the UK has taken another step forward towards becoming a world leader in low carbon aviation. Government funding, recent policy changes and successful completion of the feasibility study have enabled Velocys and its partners to move forward to the next phase in developing the UK's first waste-to-renewable jet fuel plant."
As of 0930 BST, Velocys shares had collected 5.28% to 13.71p.
The funding package, granted as part of the Department for Transport's Future Fuels for Flight and Freight competition, together with ongoing policy support provided by the Renewable Transport Fuel Obligation, will help Velocys' waste-to-fuels project bring jobs and clean growth to the UK.
Velocys has already completed the initial feasibility stage of the project and will soon undertake a detailed pre-front end engineering and design study and site permitting activities, fully funded by a combination of the DfT grant and £4.5m committed by its industry partners, Shell and British Airways.
In January the company raised £18.4m before expenses to fund initial development costs for the waste-to-fuel project and the development of a biorefinery in Mississippi, USA.
David Pummell, chief executive of Velocys, said on Monday: "Today the UK has taken another step forward towards becoming a world leader in low carbon aviation. Government funding, recent policy changes and successful completion of the feasibility study have enabled Velocys and its partners to move forward to the next phase in developing the UK's first waste-to-renewable jet fuel plant."
As of 0930 BST, Velocys shares had collected 5.28% to 13.71p.
Related share prices |
---|
Velocys plc (VLS) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price