- Sustainable fuels company Velocys booked a full-year loss as it continued to develop projects in the UK and US.

Pre-tax losses for the year through December amounted to £9.6 million, compared to year-on-year losses of £9.9 million. Revenue fell to £0.18 million, down from $0.33 million.

Volecys said it had notched deferred revenue of £8.2. million, including £2.1 million invoiced and received from commercial customers during 2020.

During the reporting period, it had been granted planning permission from North East Lincolnshire Council for the Altalto Immingham site.

Discussions were ongoing to secure investment by one or more strategic partners into a Mississippi biorefinery project, which underwent a design review and optimisation during the second half.

'Velocys overcame unprecedented circumstances in 2020 due to the Covid pandemic restricting international travel and compelling all of our colleagues to work from home except those involved in reactor manufacturing, laboratory and site safety work,' chief executive Henrik Wareborn said.

'The successful fundraise in July 2020 enabled the company to concentrate on client delivery from the second half of 2020 and onwards.'

'In addition, we took the opportunity to further optimise the engineering for higher potential output and lower carbon intensity of our two reference projects in the UK and US respectively.'

'We are in a favourable position to take advantage of the growing global demand for climate change mitigation technology, specifically the decarbonisation of commercial aviation.'

'The company remains capital light and cost disciplined with a focus on deploying our end-to-end technology solution via partners, site owners and third-party developers worldwide.'

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