- Velocys has signed a site option agreement with Adams County in Mississippi for its first U.S. biorefinery.

Velocys said it has been offered economic development incentives from Adams County estimated to be worth the equivalent of $42m.

The project expects to qualify for additional incentives worth up to $15m, provided via Mississippi's Advantage Jobs Act and other statutory tax incentives.

The attractiveness of the site has been increased by a further $4m commitment from Adams County related to land upgrades and $1m in site upgrade commitments from local utility suppliers.

"This is an important step towards the development of our first biorefinery in the U.S. to address the attractive and growing renewable fuels market," chief executive David Pummell said.

At 9:07am: [LON:VLS] Velocys share price was +2.38p at 35.5p

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