- Formation of GTL joint venture with Waste Management, NRG Energy and Ventech.
- First commercial plant under construction in Oklahoma, US on schedule for commissioning H1 2016.
- Acquisition of Pinto Energy and its 4800 bpd Ashtabula GTL plant development targeting FID at end 2015.
- Sale of commercial reactor to CIS customer with delivery in progress.
- Cemented manufacturing partnership with Shiloh Industries.
- UK High Court ruled in favour of Velocys IP in litigation against CompactGTL.
- Revenue of £1.7 million.
- £52 million raised before expenses in oversubscribed equity placing at £2.25 per share.
- Cash at period end of £59.8 million.
Roy Lipski, CEO
“2014 was one of the most successful years in the history of Velocys. With over US$85 million of cash on the balance sheet, the unwavering support of major partners and our first commercial plant under construction, Velocys is poised to take advantage of the significant opportunities which typically surface during times of market volatility such as these, and notwithstanding some potential near term headwinds in the oil and gas industry, to establish an even strong business and market position. Interest in smaller scale GTL remains high and I look forward to achieving the significant milestones ahead of us.”
Outlook – Pierre Jungels, Chairman
“Velocys enters 2015 with a very strong balance sheet and in the exciting position of having its first commercial reference plant under construction, which promises to be a significant catalyst for business when complete. Although volatility in the markets may cause a degree of hesitancy in the short term, companies with longer term outlook are already planning for higher oil prices or restored margins. The market for smaller scale GTL remains compelling and there are exciting opportunities ahead for Velocys. I look forward with confidence to seeing our first commercial plant in operation.”
Edited from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/28042015/velocys-2014-results/