Velocys year-end revenue comes in at £1.7m

28th Apr 2015 09:39

Small cap gas-to-liquids company Velocys posted revenue takings of £1.7m for the year ended 31 December.Additionally, the company said it had raised £52m before expenses in an equity placing at 225p per share. It now had cash holdings of £59.8m on the balance sheet to take advantage of "significant opportunities" in the GTL industry, Roy Lipski, CEO of Velocys, said.The company had also achieved a number of targets that it is very pleased about, he added.Velocys formed a GTL joint venture with Waste Management, NRG Energy and Ventech. It started a commercial plant under construction in Oklahoma, USA on schedule for commissioning over the first half of 2016. Elsewhere, it acquired Pinto Energy and its 4,800 bpd Ashtabula GTL plant. Velocys also cemented its manufacturing partnership with Shiloh Industries. Additionally, the UK High Court ruled in favour of Velocys in its litigation against CompactGTL.