Green jet fuel refinery developer Velocys has secured the £25 million it was seeking from the City in order to deliver its next stage work. A total of 312.5 million shares have conditionally been placed after they were opened up as the market closed on Thursday. Within hours the bookbuild was complete, with the process described as “significantly oversubscribed”, and is now subject to existing shareholder approval at a meeting next month. Read more:Velocys secures green aviation fuel supply deals for US plant The cash will be used to invest in manufacturing capability for the reactors it builds, to advance its Humber and US projects to the point of securing external investment into the detailed engineering stage, while also potentially securing a site option for extension of the former. Backed by British Airways, the development known as Altalto Immingham is consented for land off Hobson Way, Stallingborough, close to the port and an existing refining cluster. It will produc …
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