Successful £25 million placing for Velocys plc
-
News
Read
Panmure Gordon is delighted to have acted as Nomad, Joint Broker and Bookrunner on the oversubscribed £25m placing of sustainable fuels technology company, Velocys plc.
A total of 312,500,000 Placing Shares have been conditionally placed at the Placing Price of 8 pence per Placing Share to raise a total of £25 million for the Company (before expenses).
Velocys also announced details of an Open Offer to be made to Qualifying Shareholders to raise up to an additional approximately £2 million at the Placing Price.
The net proceeds of the Fundraise will be used to accelerate the delivery of Velocys’ sustainable fuels technology to enable the production of negative Carbon Intensity synthetic, drop-in fuels from a variety of waste materials (SAF).
Henrik Wareborn, CEO of Velocys, commented:
“Velocys has a technology solution to accelerate the decarbonisation transition for global aviation clients which has been commercially demonstrated and is ready for commercial scale deployment.
As a capital-light, licensing company which benefits from recurring revenues from the full-service technology packages we provide to our clients, we have a strong platform for scalable growth. This Placing and Open offer, which has been significantly oversubscribed, will enable the investment required to advance our commercial traction and proceed towards our goals.”
