Velocys books fist-half loss as it commercialises alternative fuel technology

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Alternative fuel technology company Velocys booked a first-half loss as it continued to commercialise its reactor technology.

Pre-tax losses for the six months through June amounted to £4.6m, compared to losses of £25.0m on-year.

'2019 has been a positive year for the company,' chief executive Henrik Wareborn said.

'The demand for our Fischer Tropsch technology is growing on both sides of the Atlantic, which is why we have concentrated our efforts on project development and reactor manufacturing.'

'These last six months have seen Velocys accelerate the move from concept to commercialisation - transitioning from research, development and testing, to focusing on commercial scale client delivery and operational excellence.'

'We have delivered our first reactor and all catalyst charges to our client in Oregon -- Red Rock Biofuels -- and the manufacturing of the remaining reactors is advancing.'

'We are now focusing all our efforts on commercial delivery - for our client in Oregon and for our two projects in Mississippi.'