Sustainable fuels technology company Velocys has told how it is making good progress in the delivery and commercialisation phase of its evolution, as revenues start to take off.
The Oxford University spin-out, partnered with British Airways to deliver a green jet fuel refinery on the South Humber Bank, saw sales increase to 拢8.3 million in 2021, having just started to market its waste to fuel process equipment in the previous year.
An operating loss of 拢9 million was accrued, with more than 拢26 million raised in December as it seeks to finance the huge plant at Stallingborough and ongoing work. It entered 2022 with 拢25.5 million in the bank.
Read more:British Airways and Velocys extend agreements on Humber green jet fuel refinery development
Henrik Wareborn, chief executive, said: 鈥淰elocys offers a decarbonisation solution to the aviation industry and is now firmly in the technology delivery and commercialisation phase of our growth strategy. We have a growing pipeline of new customer opportunities spanning multiple continents, which have developed in response to client specific net zero targets in countries that are ahead of the game on mandates and policy incentives.
鈥淥ur commercially demonstrated patented technology enables an alternative to fossil jet fuel with an ultra-low carbon intensity. In addition, our production pathway generates fuels with much lower sulphur oxide and particulate matter emissions. Synthetic drop-in fuel is the here and now solution, which requires no modification to aircraft or airport infrastructure.
鈥淭he synthetic fuel enabled by our technology will greatly benefit our customers, industry and society.鈥
Updating on the Altalto Immingham project as the final audited results were released, Mr Wareborn told how a grant of up to 拢2.4 million had been awarded from the 海角视频 Government鈥檚 Green Fuels Green Skies grant scheme, while underlining the completion of the recent land deal with Foresight Group to help facilitate the 拢350 million investment in the consented scheme.
As reported, Mr Wareborn had outlined his expectations on policy at the start of the financial year.
