Velocys has secured a purchase order and technical service agreements with Toyo Engineering (Toyo) for its biomass-to-jet fuel technology in a demonstration facility in Japan.
The company has also secured an advanced deposit for the use of the same technology by Toyo in a subsequent commercial plant, Velocys added.
Under the order, which is worth around $0.5 million (€0.45 million), Velocys will supply its Fischer-Tropsch (FT) technology, equipment and catalyst for a biomass-to-jet fuel demonstration facility currently under construction in Nagoya, Japan by a consortium of Japanese companies.
Velocys has additionally agreed to grant an exclusive right for Toyo to secure and use the licence and technical services of the FT technology for a future potential commercial plant in Japan, with an advance deposit of $4 million (€3.6 million).
“I am delighted with this further evidence of the global demand for sustainable aviation fuels and for our technology, which has already been demonstrated at commercial scale,” commented Henrik Wareborn, CEO of Velocys.
“I am proud that Velocys technology has been chosen to be part of this publicly funded demonstration facility, which is an important step towards a commercial application in Japan. We appreciate the commitment of Toyo, and we look forward to working with them and their partners to complete the demonstration and to support the expected future commercial plant.”
Popular News Stories
LATEST VIDEOHow sustainable aviation fuel (SAF) is making its way in the aviation sector