29th Jul 2014 10:31
LONDON (Alliance News) - Velocys PLC Tuesday said a final investment decision has been made to use the company's technology in the construction of a commercial gas-to-liquids plant in the US.
The project is a joint venture between Velocys, Waste Management, NRG Energy and Ventech Engineers International unveiled earlier this year to develop a series of GTL plants in the US and elsewhere. Velocys is a minority shareholders in the joint venture, with its investment limited to USD5.0 million.
The plant, based in East Oak, Oklahoma, will see Velocys deploy a number of its full-scale Fischer-Tropsch reactors.
"Like the four minute mile, this small commercial GTL plant going ahead is a major psychological milestone, for the industry and for Velocys and its customers," said Velocys Chief Executive Roy Lipski.
Velocys shares were up 2.1% to 237.969 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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