VELOCYS Scalable, sustainable growth
Velocys 03
Scalable, sustainable growth
Contents
Chairman's statement | 06 | ||
CEO's statement | 08 | ||
Financial review | 10 | ||
Environment, social and governance review | 12 | ||
Key performance indicators and milestones | 14 | ||
Risks and mitigation | 16 | ||
Corporate Governance | |||
Corporate governance report | 22 | ||
Audit Committee report | 28 | ||
Risk and Sustainability Committee report | 29 | ||
Nomination and Governance Committee report | 30 | ||
Directors' remuneration report | 31 | ||
Directors' report | 36 | ||
Statement of directors' responsibilities | 41 | ||
Financial Statements | |||
Independent auditors' report | 44 | ||
Consolidated income statement | 49 | ||
Consolidated statement of comprehensive income | 50 | ||
Consolidated statement of financial position | 51 | ||
Consolidated statement of changes in equity | 52 | ||
Consolidated statement of cash flows | 53 | ||
Notes to the consolidated financial statements | 54 | ||
Velocys plc statement of financial position | 81 | ||
Velocys plc statement of changes in equity | 82 | ||
Velocys plc statement of cash flows | 83 | ||
Notes to the financial statements of Velocys plc | 84 | ||
Directors, secretary and advisors to the Company | 92 |
Annual Report & Accounts 2021
04 Velocys
Scalable, sustainable growth
About Velocys
Enabling the decarbonisation of aviation
Velocys is an international sustainable fuels technology company, traded on the London Stock Exchange Alternative Investment Market ('AIM'), providing customers with IP- protected technology. The technology solution enables the economic production of synthetic fuels from a variety of sustainable non-fossil waste materials, such
as woodchips and residual waste. Synthetic fuel is a leading, commercially available, permanent alternative to fossil aviation fuels. Velocys is enabling commercial scale sustainable aviation fuel ("SAF") production in response to the global clean energy transition.
Synthetic fuel remains the here and now solution to decarbonise aviation, as it is identical to fossil jet fuel with the same physical and chemical properties. It is, therefore, a 'drop-in' fuel allowing it to be blended into existing airport fuelling systems without any fuel segregation or modification of jet turbines.
The fuel created through Velocys' technology is a negative carbon intensity fuel with carbon sequestration. It has the potential to support national fuel security initiatives as well as delivering environmental improvements as a cleaner burning fuel, compared to conventional fossil fuels, with greatly improved air quality. The fuel contains much lower sulphur oxide, nitrogen oxide and particulate matter emissions when combusted in conventional engines and turbines.
The Company has reference projects in the US and UK which are designed to accelerate the adoption and standardisation at a large-scale operational level of the Velocys proprietary Fischer-Tropsch ("FT") technology with an integrated end-to-end solution, which includes the use of renewable power and carbon sequestration.
An international roster of customers, technology partners and industry stakeholders, including Southwest Airlines and IAG, confirms Velocys' ability to offer an economical and commercially viable route to directly decarbonise transportation using sustainable synthetic fuels.
With an integrated and standardised service offering, Velocys has a platform for delivery of scalable and sustainable growth in a market with high barriers to entry, creating a pathway to significant value for all stakeholders.
Strategic Report | Corporate Governance | Financial Statements |
Velocys 05
Scalable, sustainable growth
Highlights
£26.2m | £8.3m | £3.4m | ||
Total revenue recognised | ||||
from licensing fees and sales of | ||||
Fundraise (before expenses) | reactors and catalyst for customer | |||
in December 2021 | contract awarded in 2017 | Gross profit (2020: £0.1m) | ||
-£9.0m £25.5m
Operating loss (2020: £8.8m) | Cash at year end (2020: £13.1m) |
£2.4m
Green Fuels, Green Skies grant from the UK Department for Transport secured for the Altalto waste-to-jet fuel project
£2.5m
Control of the Altalto Immingham site secured through part payment of £2.5m in December 2021
100%
Multi-year offtake agreement with Southwest Airlines and an MOU with IAG for 100% of the SAF produced and environmental credits generated by Bayou Fuels
Ann Markey and Tom Quigley appointed as Non-ExecutiveDirectors
David Bate, General | Velocys included as | |
Counsel, and Dawid | constituent of newly | |
Duvenhage, VP | launched clean energy | |
Catalysis, appointed to | index Active Net Zero | |
senior management | Clean Energy Universe | |
Agreement with TOYO | ||
British Airways | Engineering of Japan | |
extended option | in February 2021 to | |
agreement with | develop a commercial | |
Velocys | project to produce SAF | |
Koch Project
Solutions appointed for pre-FEED engineering phase and potential EPC for Bayou Fuels
Velocys FT technology selected for an e-fuelsproject commissioned by the Ministry of the Environment in Japan
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Velocys plc published this content on 30 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 May 2022 06:15:14 UTC.
