LONDON--Velocys PLC (VLS.LN), which offers smaller scale
gas-to-liquids solutions, Monday announced that it has entered a
joint venture with Waste Management (WM), NRG Energy (NRG.LN), and
Ventech Engineers International to develop gas-to-liquids, or GTL,
plants in the United States and other select geographies.
MAIN FACTS:
-Joint Venture will pursue the development of multiple plants
utilizing a combination of renewable biogas and natural gas.
-Waste Management intends to supply renewable gas and, in
certain cases, project sites.
-All four members will work exclusively through the joint
venture to pursue the intended application in the United States,
Canada, United Kingdom and China.
-As its first commercial facility, the joint venture is
targeting a plant to be located at Waste Management's East Oak
landfill site in Oklahoma, U.S..
-Joint Venture intends making a final decision to proceed on
this first plant in 2014.
-Development activities for additional facilities are expected
to commence shortly.
-Velocys holds a minority interest in the joint venture.
-Shares at 0934 GMT up 11 pence, or 6.4%, at 182 pence, valuing
the company at GBP213 million.
-Write to Tapan Panchal at tapan.panchal@wsj.com
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