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

Premier Holding Corp. subsidiary "Top Sales Performer" for 3rd year
October 03 2016
Premier Holding Corporation on Monday announced that its subsidiary, The Power Company (TPC), received the 2016 Leaders Platinum Award from a major deregulated power supplier
drillrigarty.jpg
October 18 2016
Drilling will begin late this quarter and is expected to take between 45 and 60 days.
trader celebrating
August 26 2016
San Leon is issuing new shares at 45p which is a 54% premium to the last price before trading was suspended in January.

© Proactive Investors 2017

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.