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Velocys says Shell has withdrawn from Altalto aviation fuels venture
StockMarketWire.com
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Alternative fuel group Velocys said Shell had withdrawn from a joint venture formed to develop sustainable aviation fuel.
Velocys said it would continued to work with British Airways, the other partner in the Altalto joint venture, to secure finance for the Altalto Immingham plant.
Velocys and British Airways also would continue discussions with potential sources of finance for the project, which had been underway for several months 'and indicate strong interest in this sector,' the company added.
'Velocys and British Airways are grateful for Shell's support during the initial stages of the Altalto project,' Velocys said.
'As the project progresses, Velocys, British Airways and potentially other new partners will focus on the next stages.'
'Preparations are underway to apply for significant government funding for the Immingham project.'
'Whilst there is no guarantee that such an application would be successful, the company believes that the project is well placed to achieve this.'
Story provided by StockMarketWire.com
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