8th Feb 2021 12:53
Velocys PLC - Oxford, England-based developer of technology to produce synthetic fuels and specialty products - Signs collaboration agreement with Toyo Engineering Corp to start the development of commercial projects to produce sustainable aviation fuel and other renewable fuels in Japan. As part of previous agreements, Velocys grants an exclusive right for Toyo to use the licence and technical services of the Velocys FT Technology for the commercial plant in Japan. An advance deposit of USD4 million was received in 2019, of which USD3.5 million remains in escrow, and this will be offset against future revenues.
"The agreement follows on from the successful work already conducted in 2020 between Velocys and Toyo at the biomass-to-jet-fuel demonstration facility in Japan. This included the provision of technical engineering and operational services, as well as the completed construction and delivery of Velocys' Fischer-Tropsch technology," company says.
"As part of this new collaboration the parties have engaged in the preliminary engineering evaluation of the FT island in a joint effort to deliver a commercial scale biomass-to-jet fuel project in Japan."
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By Paul McGowan; [email protected]
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