12-02-2019
Velocys ammends agreement with Red Rock Biofuels
Velocys plc, announces it has agreed a series of amendments in its licensing contracts with Red Rock Biofuels LLC (RRB), regarding RRB’s license of Velocys Fischer-Tropsch reactors and proprietary catalyst for the RRB biorefinery under construction in Lakeview, Oregon, USA. The amendments are at RRB’s request and allow it to complete the biorefinery on their desired timeline.
The amended agreement will see Velocys accelerate delivery of the first of four reactors and first four charges of catalyst. It will also reduce the firm commitment for reactors from six to four but RRB will retain an option to acquire reactors 5 and 6 until the end of 2020, for delivery at the existing contract price. These changes have a positive impact on Velocys’ near-term cash flow of an estimated $1.1 million and a decrease in revenue of nearly $3 million (out of a total contract value of approximately $15 million). Should RRB exercise its option to purchase the two additional reactors the total contract value will return to approximately $15 million. RRB remains committed to purchase a total of six charges of catalyst in 2019.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024
-
Radix partners with Cleopatra Enterprise to enhance project controls and turnaround management
Radix, a global technology solutions company, announced the signing of a partnership agreement with Cleopatra Enterprise, a leading project cost management software company. ...
16-04-2024
-
Rhône Energies in talks to buy Fos-sur-Mer refinery
Rhône Energies, a consortium of Entara LLC and Trafigura Pte Ltd, has entered into exclusive negotiations to acquire the Fos-sur-Mer refinery and the Toulouse and Villette ...
14-04-2024
-
Cenovus Energy to invest in Toledo and Lima refineries
Canada's Cenovus Energy said it will spend more than $1.5 billion on its 160,000 b/d Toledo and 185,000 b/d Lima refineries in Ohio over the next five years and expand ...
11-04-2024
-
Kent plays integral role in Fawley petrochemical complex
Kent, a leading global engineering and project management company, is proud to announce its significant involvement in ExxonMobil's £800m investment in its Fawley Petrochemical ...
11-04-2024
-
Black & Veatch to proceed for FLNG project in Canada
Black & Veatch’s proven PRICO® liquefaction technology solidifies preferred status in the FLNG market. Global liquefied natural gas (LNG) infrastructure solutions ...
11-04-2024
-
Borealis invests in Porvoo steam cracker
Borealis announces a EUR 4.5 million investment in the cracker furnaces of its olefins unit in Porvoo, Finland. This investment ensures that the Porvoo steam cracker, ...
09-04-2024
-
Yokogawa upgrades the CENTUM VP Integrated Production Control System
Yokogawa Electric Corporation (TOKYO: 6841) announces the May 31, 2024 release of CENTUM™ VP R6.11.10, an enhanced version of the CENTUM VP integrated production control ...
09-04-2024