Velocys, the sustainable fuels technology company, has raised £20 million (€22 million) following the issuing of new shares.
The company revealed in May that planning permission has been given to Altalto Immingham - the UK’s first commercial waste-to-jet-fuel plant.
North East Lincolnshire Council has given the green light to the sustainable fuels technology company and a formal decision notice was then issued subject to the completion of standard legal agreements with the council.
Now a total of 400,000,000 new ordinary shares will be issued to retail and institutional investors at a price of 5 pence per share.
Henrik Wareborn, CEO of Velocys, said: "We are delighted with the support shown by both new and existing investors in this fundraising - we are particularly pleased to see a number of high-quality institutional investors join our shareholder register.
“The offering was upsized from £10 million to £20 million to help meet the additional demand but we are pleased to say that even at this higher level the issue was still significantly oversubscribed. "We look forward to seeing our retail investors participate in the forthcoming open offer to the extent that they have not been able to already subscribe via the Retail Offer.
"This capital raise accelerates our ability to provide commercial scale turn-key solutions to fuel producers in the energy transition away from fossil fuels into sustainable fuels towards improved air quality and net zero carbon emissions."
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