Velocys PLC Environmental milestone for Mississippi project

TIDMVLS

Velocys PLC

07 August 2018

News release

Velocys plc

("Velocys" or "the Company")

7 August 2018

Significant environmental milestone for Mississippi project

Velocys plc (VLS.L), the renewable fuels company, announced today that the U.S. Department of Agriculture (USDA) has issued a Finding of No Significant Impact (FONSI) on the environmental assessment report for Velocys' planned Bayou Fuels biorefinery in Natchez, Mississippi. With the FONSI process completed, Velocys will now focus on the next steps in the project's development, including securing the state-level permits that will be required to construct and operate the biorefinery.

The 160-page environmental assessment report details the impact of the proposed facility across 15 potential aspects, including: land use, water resources, air quality, wildlife, visual impact, noise, transport and public and occupational health. In each case, the report concludes the plant would have "none", "none to minor", or "minor" impacts during construction and operation.

The FONSI was issued as part of Velocys' ongoing development of a 100-acre site in Natchez that the company secured in October 2017. The site will be home to a pioneering biorefinery that will use Velocys' innovative technology to produce low-carbon transportation fuels from the wood wastes of lumber operations and tree plantations. The plant is expected to convert locally-sourced woody biomass waste into enough renewable fuel to meet the demands of running around 40,000 diesel and gasoline trucks.

No opposing or negative comments were filed as part of the USDA's public consultation process.

David Pummell, CEO of Velocys, said:

"This is a significant step in the permitting of the Bayou Fuels biorefinery as well as an important milestone for the overall development of the project. The environmental assessment provides independent confirmation that the project will not give rise to any significant environmental impacts and reflects our commitment to responsible and safe project development."

Chandler Russ, Executive Director - Economic Development for Natchez/Adams County, said:

"This is a great step forward for a project that is a natural fit for the local resource base and economy. The USDA assessment should ease considerably the process for obtaining additional permits, and other project development activities."

- Ends -

For further information, please contact:

 
 Velocys                                            +44 1235 838 
  David Pummell, CEO                                 621 
 Camarco (UK financial communications & PR) 
  Billy Clegg 
  Georgia Edmonds 
  Tom Huddart                                       +44 20 3757 4983 
 
 Scoville Public Relations (US public relations)    +1 206 625 0075 
  John Williams                                      #1

Web | Twitter

About Velocys

Velocys is dedicated to becoming a material producer of renewable fuels from sustainable resources. We have developed proprietary technology that can cost effectively produce low-carbon, drop-in jet and diesel fuels from a variety of waste materials, including woody biomass and municipal solid waste, at a scale that matches feedstock collection logistics. Velocys technology is in use at ENVIA, the world's first commercial smaller scale gas-to-liquids plant. We are using our operational experience and capabilities to drive the development of additional biorefineries in the US and UK, with our strategic partners, from concept to full operations. Velocys plc is admitted to trading on the AIM market of the London Stock Exchange (LSE: VLS). The Company operates from its commercial center in Houston, Texas, and its facilities in Oxford, UK and Columbus, Ohio.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

NRAUGUUURUPRGQQ

(END) Dow Jones Newswires

August 07, 2018 02:01 ET (06:01 GMT)

Oxford Catalysts (LSE:OCG)
Historical Stock Chart
From Nov 2024 to Dec 2024