Velocys teams with renewable fuels developer and expands agreement with BA

In the UK, Velocys has entered into a contract with a European renewable fuels developer to provide initial engineering services to a project, which is in the planning stages. Whilst the revenue for this initial stage of the project is de minimis (and project progression to material revenues to be determined), the agreement broadens the company’s customer base and demonstrates the ability to progress its pipeline of potential global customers towards commercial contracts. 

The company has also agreed with British Airways to extend both the UK Altalto project Joint Development Agreement and the Option Agreement for BA to acquire 50% of Altalto Ltd by one year to March 31, 2023. The original option was signed on 12 May 2020 and initially extended on March 30, 2021.