StockMarketWire.com - Alternative fuel group Velocys said it had executed an agreement with Envia Energy that completed the return of ownership of the two reactors to Velocys.

The return followed the conclusion of the new technology demonstration run at the ENniva site in Oklahoma City, which was completed last year.

The return of the catalyst and reactors to Velocys was intended under the terms of the original site license agreement.

An initial review of the reactors concluded that both had met expected performance and durability measures throughout the allowed operating envelope.

'The Velocys FT reactors produced more than 1.6 million litres of fuels and waxes over the course of this new technology demonstration at Envia,' chief executive Henrik Wareborn said.

'We are pleased that our post-decommissioning review of the units further shows they performed as designed not only on start-up, but also over a significant period of time.'

'These two reactors and the associated performance data and learnings from Envia will be very valuable for Velocys and our project partners as we proceed with the development of our two commercial scale biorefineries in Immingham, UK and Natchez, MS.'


At 8:29am: [LON:VLS] Velocys share price was -0.25p at 3.81p



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