Velocys to build new SAF technology facility as funding concerns hit share price
The new site enables the consolidation of Velocys’ catalysis services, microchannel reactor core assembly and technology licensing under one roof.
The building’s construction began in mid-2022 and was finished by the end of the year with fit out completed over the winter.
The announcement came just before news of the firm’s share price hitting a new low - dropping 71% - over funding concerns.
The new site has the capacity to produce approximately 48 cores per year, enough to support 12 reactors which is the typical requirement for the operation of a single commercial scale SAF biorefinery, with a capacity to convert approximately 1TWh per year of energy.
It is expected that the facility will have sufficient production capacity to meet projected orders until 2028, including those from Velocys’ two biorefinery reference projects – Bayou Fuels, Mississippi and Altalto, Immingham, UK.
Henrik Wareborn, Velocys CEO, said: “The completion of this state of the art facility is a real milestone both for Velocys and for the move to decarbonise the aviation industry. It is another critical piece in the jigsaw to go alongside the support we are receiving from regulatory and policy initiatives in all of our core markets.
“I would like to offer my thanks to the state of Ohio along with the many contractors who have completed this project in such a short time frame. To move from planning permission to completion in two years is a testament to all those involved and takes us a big step closer to enable our clients to produce SAF with ultra-low carbon intensity at commercial scale.”