#FORESIGHT GROUP FULL#

Sean Doyle, Chairman and CEO of British Airways, said: The Project is consistent with our aims of investing in sustainable businesses that are looking to advance the energy transition.вЂќ вЂњForesight is delighted to become involved in the Altalto project through the acquisition of the proposed site. We firmly believe our technology will play a key role in helping to decarbonise the aviation sector, meet net zero targets, and improve the energy and fuel security of the UK.вЂќ Sustainable aviation fuel has the same composition as conventional jet fuel, is globally approved and is suitable for immediate use.

вЂњThe Velocys technology pathway utilises domestic non-fossil feedstocks from sustainable carbon sources which have no alternative use, such as municipal solid waste and forestry residue.

This is a further step in bringing our SAF enabling technology solution to market. вЂњVelocys is pleased to have Foresight involved in the Altalto project, alongside British Airways. The deferred consideration payable is ВЈ7.25m, which will now be settled as part of this transaction, thereby satisfying all obligations under the historic option agreement. This agreement follows on from the Prior Announcement, when Altalto exercised an option to acquire a 100% interest in RDIL with an initial part-payment of ВЈ2.5 million and deferred consideration. Commencement of construction remains subject to further clarification of government policy support for such projects. Following the sale, the Project has retained the right to access the land for maintenance and pre-development activities associated with its existing planning permission.

#FORESIGHT GROUP FULL#

In addition, and subject to exercise of the Call Option, Altalto has agreed to grant Foresight a right of first refusal to invest up to ВЈ100 million in the project, alongside British Airways and other future investors, once the full funding is required.ДЇoresight brings a proven track record and history of investing in energy transition infrastructure. The Call Option will require Altalto, and any new project partners, to pay up to ВЈ12.95 million in aggregate over the option period (the majority of which relates to a final payment in the event of exercise of the Call Option). RDIL has been sold to funds managed by Foresight Group LLP (вЂњForesightвЂќ), for ВЈ9.75 million, with a call option for Altalto to re-purchase RDIL within three years (вЂњCall OptionвЂќ). RDIL owns the site for the proposed Altalto waste-to-sustainable-fuel project, which is being developed in collaboration with British Airways. Velocys plc (AIM: VLS), the sustainable fuels technology company, announces that further to the notification of 17 December 2021 (вЂњPrior AnnouncementвЂќ), Altalto Immingham Ltd (вЂњAltaltoвЂќ), a subsidiary of Velocys, has sold its 100% interest in Rula Developments (Immingham) Limited (вЂњRDILвЂќ), as planned.

Foresight group