10th Oct 2013 08:56
LONDON (Alliance News) - Velocys PLC Thursday said it has opened a new commercial and engineering centre in Houston, Texas.
The AIM-listed gas-to-liquids technology company said its Chief Executive, Roy Lipski, has relocated to the new site and will lead an initiative to strengthen Velocys' position in the global oil and gas industry.
Velocys announced September 30 that its net loss widened to GBP7.1 million from GBP4.9 million for the six months ended June 30 as sales halved and administrative costs increased as the company transitions from a research-and-development company to a commercial operation.
The company said its underlying catalyst and reactor technologies will continue to be led and supported from the company's sites near Oxford, UK.
Velocys shares were down 0.5% to 141.52 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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