Velocys reports increased revenue in interim results
Oxford-based sustainable fuels technology company Velocys has posted reports of encouraging growth in its interim financial results for the six months ended 30 June 2023.
The firm posted a revenue of £61,000, a 21 per cent increase on the £48,000 posted at the same time last year.
Velocys also reported that it successfully raised £6.3 million in May 2023, helping it combat its £8.5 million operating loss this year (so far).
Another highlight outlined in the report was that the firm is in advanced discussions with other specialist and strategic investors to invest alongside Carbon Direct Capital in the CLN (Credit Linked Note).
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Henrik Wareborn, CEO of Velocys, said: "It has been an exceptionally busy period for Velocys, during which we have deployed the proceeds of our May fundraise to make significant progress in the development of our two reference projects, Bayou Fuels and Altalto, and build and nurture our substantial commercial pipeline.
''Velocys' sustainable aviation fuel technology is immediately deployable to deliver advanced SAF solutions for standardizing aviation, traditionally one of the most difficult sectors to standardize.
''The United States, the European Union and the United Kingdom have all proposed or initiated regulatory programmes that incentivise SAF adoption. This provides a positive environment for the adoption of SAF technologies."
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