VLS.L

Velocys Plc
Velocys PLC - Funding update
31st October 2023, 07:00
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RNS Number : 7764R
Velocys PLC
31 October 2023
 

News release

 

Velocys plc     

 

("Velocys" or the "Company")

 

31 October 2023

 

Funding Update

 

 

Velocys plc (VLS. L), the sustainable fuels technology company, provides an update on the progress of its funding plans.

 

The Company announced on 21 September 2023 that the longstop date for the Convertible Loan Notes ("CLN") transaction (details of which were announced on 18 May 2023) had been extended to 31 October 2023. The CLN terms included, inter alia, a commitment by Carbon Direct Capital to invest $15 million via the CLN subject to certain conditions including a minimum aggregate raise of $40 million (including proceeds from the placing of new ordinary shares in the Company completed in May 2023), which have not been satisfied.

 

Velocys continues to be in active funding discussions with all strategic investors who have been undertaking due diligence for some months with a view to obtaining long term funding for the Company. It has become clear that any investment into the Company resulting from these discussions is unlikely to be on the same terms as the previously announced CLN, accordingly there will be no further extension to the CLN longstop date. There are no binding arrangements for funding at this stage.

 

As detailed in its recent Interim Results, Velocys still anticipates that funding will be required before the end of this calendar year and therefore the Board is prudently exploring near term funding options as discussions with the strategic investors continue. Further updates will be provided in due course.

 

 

For further information, please contact:

 

Velocys

Henrik Wareborn, CEO

Philip Sanderson, CFO

 

+44 1865 800821

Panmure Gordon (UK) Limited (Nomad and Joint Broker)

Hugh Rich (Corporate Broking)

Emma Earl (Corporate Finance)

John Prior (Corporate Finance)

+44 20 7886 2500

Shore Capital Stockbrokers Limited (Joint Broker)

Henry Willcocks (Corporate Broking)

Toby Gibbs (Corporate Advisory)

James Thomas (Corporate Advisory)

+44 20 7408 4090

Radnor Capital (Investor Relations)

Joshua Cryer

Iain Daly

+44 20 3897 1830

Buchanan (Financial PR)

Helen Tarbet

Simon Compton

+44 20 7466 5000

 

 

--Ends-

 

Notes to Editors

 

Velocys is an LSE-listed, international sustainable fuels technology company, traded on the AIM, providing customers with a technology solution to enable the production of negative Carbon Intensity synthetic, drop-in fuels from a variety of waste materials. Synthetic fuel is the only commercially available, permanent alternative to fossil aviation fuels. The Velocys technology is IP-protected in all major jurisdictions.

 

Two reference projects (Bayou Fuels, US, and Altalto Immingham, UK) are designed to accelerate the adoption and standardise the Velocys proprietary Fischer Tropsch (FT) technology with an integrated end to end solution, including renewable power and carbon sequestration.

Velocys is enabling commercial scale synthetic fuel production in response to the clean energy transition, with significant additional positive air quality impacts.

www.velocys.com

 

 

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