Velocys to Locate its first US Bio Refinery in Natchez, Adams County

October 24, 2017

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(October 20, 2017, Natchez, MS)  Velocys plc, a renewable fuels company, is pleased to announce the location of its first US biorefinery in Natchez, Mississippi. 

David Pummell, CEO of Velocys said, “This is an important step towards the development of our first biorefinery in the US to address the attractive and growing renewable fuels market.  We welcome the significant support for this plant at the local level, including the future financial support that further enhances plant economics.”

Adams County is investing $42 million of economic development incentives (which would reduce the company’s future tax liabilities) in return for a capital investment of several hundred million dollars and 40 direct jobs with a minimum annual payroll of $4 million, which will circulate annually throughout the community.  The project also expects to qualify for additional incentives worth up to $15 million, provided through Mississippi’s Advantage Jobs Act and other statutory tax incentive programs.  In addition, Adams County has made commitments of approximately $4 million  in the form of public infrastructure improvements and site improvements at Belwood.  Additionally, the project will receive $1 million of site upgrades from local utility suppliers, further increasing the attractiveness of the site. 

The project will require at least 100 indirect jobs in the forestry sector with an additional estimated annual payroll of $4 million.  “We are pleased to have Velocys join our growing industrial family. These quality jobs, significant investment and purchases of area forestry products will have a huge and meaningful impact on our area and local economy,” said Mike Lazarus, President of the Adams County Board of Supervisors.   “Velocys will receive these economic development incentives upon meeting investment and job creation milestones.  This process creates a win-win situation for the community and for the company,” said Chandler Russ, Executive Director, Natchez, Inc.

The Natchez site was confirmed by Velocys after the company analyzed a broad set of operational and tax considerations at twelve (12) possible sites in four (4) states throughout the southeast United States.  Due diligence, including site visits, was completed at each of these locations and incentive packages were received from each participating state.  “The Company’s extensive site search and selection of the Adams County site continues to prove that we are a world class location for industry looking to leverage, barge, rail, highways, infrastructure and natural resources,” said Chandler Russ, Natchez, Inc.

The Natchez location will utilize its proximity to rail, river and road access by locating on the former Belwood Country Club site.  This biorefinery will source forestry products from throughout the region as feedstock for the plant.  “The wood basket and forestry products in our region are in dire need of more consumers. Velocys’ plant will be a great step towards filling some of the void in that market.  Its consumption will be significant and we look forward to seeing them grow,” said Chandler Russ, Natchez, Inc.

“The Mississippi Development Authority wishes Velocys continued success in their new venture in Natchez and Adams County,” says MDA Chief Economic Development Officer, Billy Klauser.  “With its strategic location and close proximity to a major waterway, Natchez was a natural fit for this proposed capital investment of several hundred million dollars.”

 

 

About Velocys:

Velocys enables the production of renewable jet fuel and diesel primarily from forestry residues and also from waste. Our route to renewable fuel production is one of the very few economic ways to meet the economy’s urgent need for large quantities of sustainable fuels. Our technology and operational expertise was pivotal in delivering the world’s first commercial smaller scale gas-to-liquids plant. Now we are using our unique experience and capabilities to drive the development of biorefineries, with our strategic partners, from concept to full operations. By taking increased control of multiple projects we aim to become a material producer of renewable fuels.

Velocys plc is admitted to trading on the AIM market of the London Stock Exchange (LSE: VLS). The company operates from its commercial center in Houston, Texas, USA and its facilities in Oxford, UK and Columbus, Ohio, USA. The commercial reference plant for the company’s technology, ENVIA Energy’s Oklahoma City plant, is in operation.

www.velocys.com

 

About Natchez, Inc.

Natchez, Inc. is Natchez, Vidalia, and Adams County’s lead economic and community development agency. Our staff is engaged in providing services to businesses, communities and the workforce in the region. Our mission is to serve existing and new businesses and industries – all with the goal of improving the quality of life and economic well-being of area residents. For more information, visit Natchez, Inc. website at www.natchezinc.com.

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