Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Abramovich and Velocys to make jet fuel from UK's rubbish

Velocys and Abramovich’s Ervington vehicle are hoping to deliver a commercial scale waste-to-liquid fuel plant in the UK.
Abramovich and Velocys to make jet fuel from UK's rubbish
Roman Abramovich owns 21% of Velocys.

Chelsea owner Roman Abramovich, with the help of Velocys (LON:VLS), is looking at ways to drum up energy out of a load of rubbish.

The Russian oligarch and football club owner is a 21% shareholder in AIM-quoted Velocys, which has now begun an engineering study for the development of a new waste-to-liquids project in the United Kingdom.

It is proposed that the new project would take hundreds of thousands of tonnes of ‘post-recycled’ waste, which would otherwise go to landfill or incineration, and convert it into clean-burning, sustainable jet fuel and diesel.

Velocys will be working with another company affiliated with Abramovich’s Ervington Investments vehicle.

David Pummell, Velocys's chief executive, said: “Velocys and Ervington have a mutual strategic interest in delivering a commercial scale WTL solution and see this UK opportunity as meeting our joint criteria for success."

Pummell highlighted that in the UK there are certain economic advantages for the proposed project, including gate fees and fuel credits.

“We have strong customer interest, because this would be one of the few commercial options for making sustainable jet fuel,” he added.

Jamie_55a91591db06b.jpg


Register here to be notified of future VLS Company articles
View full VLS profile

Velocys Timeline

Related Articles

shutterstock_340523357.jpg
April 28 2016
“Falcon's shareholders can look forward to another exciting year of exploration activity which has the potential to transform the value of your company,” chief executive Philip O’Quigley said.
rame-energy-(Resized).png
March 18 2016
House broker Cantor Fitzgerald suggests Rame Energy's relationship with InterEnergy appears to be more than a one-off.
Picture of palm oil kernels, from which crude palm oil is produced
May 19 2016
Tomco says the palm oil opportunity has low capex costs and potential for cash flows starting in mid-2017.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.