Shares in Sustainable fuel tech firm Velocys PLC (AIM:VLS) flew up 10% on Friday morning, after saying it was “immediately ready” to support the rollout of sustainable aviation fuels (SAFs), confirmed by the government on Thursday.
SAFs will be mandated from 2030, meaning airlines will have to blend fuels to include at least 10% of the more-sustainable alternative.
AIM-listed Velocys responded saying its “patented FT process [was] well positioned to fulfil this demand,” with the announcement likely “kickstarting” the domestic SAF industry.
“This level of government support is critical,” chief executive Henrick Wareborn said, adding “Velocys' technology is immediately ready to support commercial scale production of SAF”.
Shares rose 10% to 3.6p.