- Velocys has announced that shareholders approved the proposed £10m fundraising at today's General Meeting.

David Pummell, CEO of Velocys, said:

"The fund raise secured today allows us to accelerate the implementation of the first stage of our strategy, putting in place a consortium of partners with the aim of delivering a wider commercial renewable fuels offer and securing the first final investment decision for a renewable fuels plant.

"We would like to thank our existing shareholders for their support in the recent financing."

At 2:19pm: [LON:VLS] Velocys share price was +0.5p at 44p

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