3rd Oct 2014 07:34
LONDON (Alliance News) - Gas-to-liquids company Velocys PLC Friday said the UK High Court has issued an injunction against CompactGTL and ordered the latter to pay GBP1.4 million to Velocys.
The court ordered CompactGTL to stop infringing on Velocys patents or enabling, procuring or assisting any third party in doing so. The order comes after a ruling in September in which CompactGTL was found to have infringed on patents related to Velocys's Fischer-Tropsch technology.
In addition, the court ordered CompactGTL to pay Velocys around GBP1.4 million for its legal costs to date. Velocys said the case is ongoing, with the determination of the total damages to be paid to Velocys expected after CompactGTL has submitted all evidence regarding its activities.
Velocys shares were up GBP1.5% to 222 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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