("Velocys" or "the Company")
21st September 2016
Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), announces the retirement from the Board of Dr Jan Verloop, effective immediately. Jan's retirement coincides with the transition period at ENVIA Energy's GTL project in Oklahoma City; construction is now complete and early commissioning steps have begun.
Going forward, the Velocys Board will be made up of three Executive Directors, a Chairman and four independent Non-executive Directors. Jan's place on the Nominations and Corporate Governance Committee will not be filled. Dr Verloop will be retained as a consultant to the Company.
Dr Pierre Jungels, Chairman of Velocys, said:
"I would like to thank Jan for his very significant contribution over the last 10 years and wish him well in his retirement. He has served the Company wisely and faithfully since its original IPO in 2006 during which time his technical and GTL expertise has been pivotal in guiding the Company's technology development from an innovative idea to a fully validated system with steel in the ground at its commercial reference plant."
Dr Jan Verloop said:
"I am proud to have contributed to Velocys' achievements over the last ten years - the building of a commercial reference plant is a milestone accomplishment. I wish Velocys and its team every success in the future."
- Ends -
For further information, please contact:
David Pummell, CEO
Susan Robertson, CFO
+44 1235 841 700
Numis Securities (Nomad and Broker)
Alex Ham - Corporate Broking
Stuart Skinner / Jamie Lillywhite - Nominated Adviser
+44 20 7260 1000
Camarco (financial communications & PR)
Billy Clegg / Georgia Mann
+44 20 3757 4983
Notes to editors
Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL) that turns natural gas or biomass into premium products such as diesel, jet fuel, waxes and base oils. Smaller scale GTL adds value to a range of gas and biomass resources, and makes stranded or flared gas economic - an untapped market of up to 25 million barrels per day.
Velocys technology, protected by several hundred patents in over 30 countries, is specifically designed for smaller scales, combining super-active catalysts with intensified reactor systems. The Company's standardised modular plants are easier to ship and faster to install, at lower risk, even in the most remote or challenging locations. Together with world-class partners, Velocys works flexibly to unlock gas resources of 15,000 to 150,000 mmbtu per day, allowing more companies to take advantage of more opportunities.
Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company is well capitalised and has a strong, multi-disciplinary staff operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. Construction is complete at its commercial reference plant, which is located adjacent to Waste Management's East Oak landfill site in Oklahoma City.
Think Smaller™. Velocys is changing the way fuels are made.
This information is provided by RNS