VLS.L Share News (VLS)

(Sharecast News) - Renewable fuels company Velocys announced on Wednesday that it has secured a site for the UK waste-to-jet-fuel project, which it was developing in collaboration with British Airways and Shell.The AIM-traded firm said the site of approximately 80 acres near Immingham, North East Lincolnshire, was in an 'Enterprise Zone' and was earmarked for industrial development within the local plan.Development remained subject to planning consent, with the formal planning application process expected to begin in 2019."Altalto Immingham, a subsidiary of Velocys, has entered into an option agreement which gives it the right, but not the obligation, to acquire Rula Developments Immingham - the company which owns the site - for up to three years," Velocys said in its statement."The project team is developing the engineering and business case for the project, and the project is also subject to funding and a final investment decision, which would include a decision to proceed with the acquisition of the Immingham site."In the event that the company in consultation with its partners decides not to proceed with the purchase, the liabilities incurred as a result of the agreement are not material to Velocys."