16th Apr 2014 10:15
LONDON (Alliance News) - Velocys PLC said Wednesday that Thames Enterprise Park had been chosen as the site for British Airways' GreenSky London project, which it will be providing technology for.
The project is to produce a sustainable jet fuel facility, and is being developed by Solena Fuels Corporation. The Thames Enterprise Park site was formerly part of the Coryton oil refinery in Thurrock, Essex.
Velocys will provide its Fischer-Tropsch technology for the project, which will be used to convert waste to liquid fuels.
When the project is successfully implemented Velocys will receive over USD30 million in revenues during construction, and ongoing revenues of over USD50 million of the first 15 years of the plants operation.
The plant is expected to begin operations in 2017.
Shares in Velocys were trading up 2.4% at 153.09 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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