Velocys plc announced the appointment of Henrik Wareborn as Chief Executive Officer and Executive Director with immediate effect. Henrik has been acting as a consulting adviser to the Company and provided services equivalent to those of a Chief Commercial Officer since March 2017. Henrik was formerly a Managing Director with Natixis S.A. (both in the UK and North America), and previously Global Head of Crude Oil Sales and Trading at BP PLC.

In addition, Andrew Morris, Non-executive Director and Chairman of the Company's Audit and Risk Committee since June 2017, has been appointed as Velocys' full time Chief Financial Officer and will remain on the Board as an Executive Director. Andrew Morris has considerable experience in the power and renewable energy, energy from waste and biofuels sectors, and has significant involvement in financing and business development for AIM companies, SMEs and private equity backed organisations. Andrew's appointment as Velocys' Chief Financial Officer will assist the Board significantly in managing the Company's finances.

In addition, the Board is engaging in the process of appointing two new Non-executive Directors in order to provide further expert support to the new team of Executive Directors. David Pummell is standing down as Chief Executive Officer of the Company with immediate effect and Dr. Paul Schubert has also stood down as Chief Operating Officer.