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AIM-listed renewable fuels firm Velocys (LON:VELO) doubled its first-half revenues to £0.4 million, but operating losses widened to £24.3 million, from £10.3 million during the same period of last year.
CEO David Pummell said: “In the first half, Velocys continued to make excellent progress against its renewable fuels strategic plan. We continue to drive forward our two main projects to develop biorefineries in the US and UK and implement the supply chain that will deliver our reactors and catalyst to the Red Rock Biofuels facility now under construction. ENVIA successfully delivered Velocys’ central objective: the demonstration of its technology at commercial scale. The Company fully supports the decision by the ENVIA Board to suspend plant operations and review all strategic options.
“We are driven to unlock and deliver great value from renewable fuels for our customers, our partners, our investors, our employees and the communities in which we operate. To that end, over the coming months we remain focused on securing strategic investors into our Mississippi project and driving forward our UK waste-to-sustainable jet fuel project with our industrial partners Shell and British Airways.”
Shares in Velocys dropped 5.68% to 5.48p (as of 14:00 BST).