Velocys PLC - Oxford-based fuels technology company - Exercises option agreement to acquire Rula Developments Immingham Ltd for GBP11 million in total, comprising an initial GBP2.5 million payment and a deferred consideration of up to GBP8.5 million. Concerning the proposed Altalto project, engineering is expected to start in 2023, with financial close expected in 2024. Construction of the plant is expected to start in 2024, and full scale commercial operation is expected in 2027.
Current stock price: 7.05 pence
Year-to-date change: down 30%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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