11 Aug 2015 07:00
News release
Velocys plc
("Velocys" or "the Company")
11th August 2015
Directorate change
Velocys plc (VLS.L), the company at the forefront of smaller scale gas-to-liquids (GTL), announces that Roy Lipski, CEO, is leaving Velocys with immediate effect and by mutual consent. Now that the Company is progressing into its commercial phase with its first industrial project being built, project management and engineering skills will be increasingly important keys to its future success.
Pierre Jungels, Chairman said:
"In the nine and a half years that Roy has been CEO at Velocys, through his entrepreneurial skills and spirit he has led its transformation from an interesting idea to a substantial company with proven technology on the verge of commercialisation. This is a great tribute to his creativity and drive. We are all grateful to him for his contribution.
"The search for a new CEO will commence shortly. In the meantime, it is business as usual at Velocys as the construction of the Company's commercial reference plant progresses to plan and as we engage with multiple other parties to secure our next commercial smaller scale GTL plants."
Roy Lipski said:
"I am very proud of the company that I've helped build over almost ten years, and extremely thankful for the opportunity I was given to lead Velocys during its most formative stages. I leave a business that is in better shape than ever, and well on course to becoming one of tomorrow's great companies"
Roy Lipski was not the subject of a disciplinary hearing and there is no finding that any misconduct took place. Susan Robertson, Chief Financial Officer, will continue to act as CEO until a new appointment is made.
- Ends -
For further information, please contact:
Velocys Susan Robertson, CFO
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+44 1235 841 700
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Numis Securities (Nomad and Broker) Alex Ham - Corporate Broking Stuart Skinner / Jamie Lillywhite - Nominated Adviser
| +44 20 7260 1000 |
Camarco (financial communications & PR) Billy Clegg / Georgia Mann
| +44 20 3757 4983
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Notes to editors
About Velocys
Velocys is the company at the forefront of smaller scale gas-to-liquids (GTL) that turns natural gas or biomass into premium liquid products such as diesel and jet fuel. Smaller scale GTL adds value to shale gas and bio-waste, and makes stranded or flared gas economic - an untapped market of up to 25 million barrels per day.
Velocys technology, protected by over 800 patents, is specifically designed for smaller scales, combining super-active catalysts with intensified reactor systems. The Company's standardised modular plants are easier to ship and faster to install, at lower risk, even in the most remote or challenging locations. Together with world-class partners, Velocys works flexibly to unlock gas resources of 15,000 to 150,000 mmbtu per day, allowing more companies to take advantage of more opportunities.
Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company is well capitalised and has a multi-disciplinary staff of over 100 operating from its commercial centre in Houston, Texas, USA and technical facilities near Oxford, UK and Columbus, Ohio, USA. Its first commercial plant, funded by Waste Management (NYSE: WM), NRG Energy (NYSE: NRG) and Ventech Engineers, is on track to enter commercial production in H1 2016.
www.velocys.com
Think Smaller™. Velocys is changing the way fuels are made.