Velocys scores nearly £10 million in investment for aviation biofuel

In the UK, Velocys announced that it has raised £7 million in a private placing, selling shares at 3 pence each, complementing commitments received by the company from the Altalto Immingham waste-to-sustainable-fuels project’s strategic partners, British Airways and Shell, of £2.8 million in total. Net proceeds of the Placing will be used predominantly: (i) to complete the development capital fund raising and initial stages of development of the Front End Engineering Design (FEED) for the Mississippi Biorefinery Project; (ii) to strengthen and extend the Company’s intellectual property portfolio; (iii) for working capital and central costs; and (iv) on analyzing and testing catalyst and Fischer-Tropsch reactors from the recently completed full scale demonstration run in Oklahoma.