The proposed Altalto Immingham plant is to convert hundreds of thousands of tonnes per year of resid25 Jun 2020 09:16
The proposed Altalto Immingham plant is to convert hundreds of thousands of tonnes per year of residual waste into sustainable fuels, mainly aviation fuel. The project is being executed under a Joint Development Agreement ("JDA") between British Airways, Shell, and Velocys. This JDA has now been extended as planned in order to support the continued technical and commercial development of the project.
British Airways and Shell have each now been granted an option to take a one-third share in the equity capital of Altalto Limited (a subsidiary of the Company) at a strike price of £1, as a pre-cursor to a full Shareholders' Agreement for Altalto Limited in due course.
now BA and shell will hear VLS got 20mill - now they are much more likely to start coughing up the big money to kick off the project. because FTSE bosses will have a threshold to enable sign off and now they can justify the expenditures