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Some bloke called Corbyn. I'm not sure who he is to be fair.
May I ask by whom? Not a Mr Johnson by any chance!
This month Ive been told.
I emailed F4C pointing out that their promised announcement was overdue and got the following response "We are hoping to provide an update very soon. " No explanation, no indication of what constituted soon. You may have a point!!! However, given that the current government is mired in uncertainty and could be an ex-government by tomorrow, F4C's position is somewhat understandable. We shall see, but not, I suspect until the current Brexit wrangle is resolved.
They've already put their hands in their pockets so Government help now, by way of cheques, is a moot point. Shell will know far more about the viability of the project than the Government ever will, so the true test will be if Shell/BA pay for the next big ticket item or decide not to.
But which are more likely to succeed and therefore be seen as a success story? The one with big-name backers who are prepared to put their hands in their pockets if they get the right support from Government, or one that might well go to the wall due to the lack of supporting funding, thus psng the money up the wall?
youre probably right. BA may stand behind Shell and take their lead on funding, now that its becoming an expensive proposition.
I'm losing faith the in the F4C. If I was the Dept for Transport, seeing BA and Shell pump in a few million each, Id be asking myself if Velocys actually need the grant money now. Other F4C finalist are less fortunate when it comes to partners and probably need the money more than ever.
I think it more likely that Shell will stump up the necessary although I think we all know that the F4C decision is crucial. As it is now officially Autumn, that should have already happened - I wonder what is causing the delay?
250k should cover it. I was involved in an large gasification/incinerator project some time ago and it cost us 200k all in to submit. It was unable to achieve financial close due to lack of confidence in the technology. So a small amount of money, in the grand scheme of things.
The advanced engineering work is the expensive part, but that will come later once BA have wrote us another cheque.
You think. Have you seen the amount of documentation raised by the specialist firm employed. If you then consider the amount of work required to produce such a comprehensive application, including local consultations etc, I am sure you would agree that the likely cost is not going to be peanuts!
'It is hard to believe that Altalto would have proceeded with the planning application without the belief that sufficient funding would be available.'
It doesn't cost much money to put in a planning application.
normally half full.
but like to be fully informed of all the facts.
It your glass always half empty?
https://www.belfasttelegraph.co.uk/news/uk/climate-change-linked-to-increase-in-uk-flooding-study-38445862.html?utm_campaign=Carbon%20Brief%20Daily%20Briefing&utm_medium=email&utm_source=Revue%20newsletter
Lets hope those VLS flood defenses are up to the job...
Agreed. Its stating a Nov decision timeframe overall.
Of course BA and Shell execs have visited - theyve recently pumped in a few million pounds. However time will indeed tell if they plan to put anymore in, or just ride the PR wave for another 18 months or so until VLS run out of money (again). This plant is a 400 million pound proposition - It'll need BA and Shell to stump up a significant sum to go toward the construction in order to get the banks interested. With no guarantees that the the process will actually work, we'll need to see if anyone will get comfortable enough to dig deep and put in the 100 million of capital needed to kick it off.
It is hard to believe that Altalto would have proceeded with the planning application without the belief that sufficient funding would be available. The ADVFN chat board suggests that Shell and BP reps have recently visited the site which they would hardly do if they were not interested in developing it. Time will tell, but F4C MUST be about to make an announcement. Two new entries on the planning application: Local Parish Council - no objection, and Environment report from Planning Dept which specifies working hours during construction and minor building requirements so no red lines so far. However it would be nice to know when the Council plan to make their decision.
This is true, however from a financing perspective its a very different proposition to a power station. Adding flood defenses by effectively raising the entire project off the ground or building defense walls will come at considerable expense. When adding the total cost of the project to the fact this this a the first ever waste to fuels plant to be built will add to the cost of finance in terms of risk. I'm not saying that its an impossible task by any mean - Im saying that raising finance for this type of plant, on this site, with the risk mitigation needed, will be a challenge.
If you look at the site location plan you will note that it is next door to a power station. Obviously that must have been built under the same constraints. The Drainage Board comment to which you refer was added yesterday: it will interesting to see what the other Drainage Board concerned has to say. I presume that you have also read the Flood Risk assessment submitted as part of the application. It would appear that there has been a thorough investigation by Enzygo which I presume Altalto have considered before making their submission. Everyone who knows the area knows that it is as flat as a pancake and prone to flooding. I can only presume that Altalto have taken this into consideration before deciding to proceed and therefore also presume that they have answers to the comments of the drainage boards.
Possibly the fact that the site is below sea level ans situated on the flood plain that completely floods every few years?
from the planning comments:
"The Flood Risk Assessment has identified that the site is an risk, primarily from the Humber which
has raised flood banks. Appropriate mitigation has been includes
FFL above the design flood level (2.88m) in the adjacent Environment Agency main river, Oldfleet
Drain. The site can be potentially inundated to a level of 1-2m from the Humber"
Probably explains why the site has never been built on....
This guy selling at 3p sure has a lot to get rid of. Millions of shares traded this week and the share price hasn't budged despite the positive news. What does he know that the rest of us don't??
some good buys today. Ive read the planning app and it looks very good quality. I don't see any issue with getting the Planning Permission approved.
The biggest challenge will be getting the project financed - these are not cheap ; this one is probably half a billion pounds so will take a brave financier to fund a first of type project. Lets see how brave Shell is...
Further to my last, Altalto filed a full planning application on 9 Aug - hence no upgrade on Velocys' original scoping application. [nelincs.gov.uk/planning (ref: DM/0664/19/FUL)]. Interesting read with loads of plans etc but interestingly no date for consideration given as yet. Only objection I can find is from English Heritage because it may spoil the view of an unspecified Gade I/II listed building! Some fairly large buys yesterday and the trend continues today. Here's hoping.
Just checked the original scoping application on nelincs.gov.uk (ref: DM_0327_19_SCO) and nothing has been added since May which would seem to be at odds with the BA blurb and associated news stories, but would explain why Velocys have said nothing - but then again the quality of the company's PR is a known entity! Plenty of buyers, though, despite which the SP has been pretty static. F4C should come up with a decision imminently which could provide the impetus all us PIs are hoping for.
It'll fly once the PP has been granted and evidence of project financing starts to appear. Then it'll rocket.
Can't understand how this isn't flying today on this positive news.. But it looks like someone has a large block that they need to get rid of and is pinning the share down at 3p, despite quite a few buys going through today. Maybe once he's done and gets out of the way we could see some movement. Maybe if he got out of the way he could be selling higher later..