24th Mar 2014 09:19
LONDON (Alliance News) - Velocys PLC Monday said it has entered into a joint venture with Waste Management Inc, NRG Energy, and Ventech Engineers International, to develop gas-to-liquids plants in the US and as well as in Canada, the UK and China.
The technology innovator for smaller scale gas-to-liquids said the new joint venture will pursue the development of multiple plants utilising a combination of renewable biogas, including landfill gas and natural gas.
Shares in Velocys were trading 5.4% or 9.14 pence higher Monday morning at 180.14 pence per share.
Velocys said it holds a minority interest in the joint venture.
Houston-based Waste Management is a major provider of waste management services in North America.
Velocys said the joint venture is targeting a plant to be located at Waste Management's East Oak landfill site in Oklahoma in the US, for its first commercial facility. It said the joint venture intends making a final decision to proceed on this first plant this year, and the development activities for additional facilities are expected to commence shortly.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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