10 Dec 2019
Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce the appointment of Philip Holland as the Company’s new Chairman with immediate effect. He replaces Pierre Jungels who has retired from the Board after thirteen years as Chairman and Director of Velocys.
The Board would like to thank Pierre Jungels for his significant contribution to the development of the Company.
As noted in the Company’s Interim Results Announcement on 18 September 2019, Philip Holland has held the position of Senior Independent Director (SID) since his appointment to the Board on 1 January 2019.
The Company also confirms that, on his appointment as Chairman, Philip Holland has stepped down as a member of the Audit & Risk Committee and the Remuneration Committee, and Sandy Shaw has been appointed as Senior Independent Director.
Philip Holland, Chairman of Velocys said:
“It is with great pleasure and enthusiasm that I have accepted the opportunity to succeed Pierre Jungels as Chairman of Velocys. Under Pierre’s leadership, Velocys has progressed a long way since its IPO in 2006. Velocys has now proven itself as a leading developer and integrator of the full technology solution required to produce Sustainable Aviation Fuel at scale, for immediate drop-in use, from abundant solid waste feedstocks. Velocys’ technology and capability provide the opportunity to make a significant contribution to reduce both greenhouse gas emissions and dangerous exhaust particulates in the commercial aviation sector.
“I look forward to working closely with Henrik Wareborn (CEO) and the Board to secure the first sustainable aviation fuel project here in the UK in collaboration with British Airways and Shell, as well as our biomass to sustainable transport fuels project in the US, and to support our clients in the US, Japan and beyond.”
For further information, please contact:
Henrik Wareborn, CEO
Andrew Morris, CFO
+44 1865 800821
Numis Securities (Nomad and joint broker)
+44 20 7260 1000
Canaccord Genuity (Joint broker)
+44 20 7523 8000
Radnor Capital (Investor relations)
+44 20 3897 1830
Field Consulting (PR)
+44 20 7096 7730
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.
Notes to editors
Velocys is a British sustainable fuels technology company. Originally a spin-out from Oxford University, in 2008 the company acquired a US company based on complementary technology developed at the Pacific Northwest National Laboratory. Over 15 years Velocys has developed proprietary Fischer-Tropsch technology that enables the production of drop-in transport fuels from the embedded carbon-sources in a variety of waste materials. Having demonstrated its technology at commercial scale, Velocys is currently developing projects in Natchez, Mississippi, USA and Immingham, UK to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport.