Saturday, February 27, 2021

Shell withdraws from Altalto Immingham project

The Altalto Immingham waste-into-aviation-fuel project has lost a key member of the co-development team after Shell withdrew from the agreement.

The proposed facility was being brought forward by a collaboration between Velocys, British Airways and Shell. However, by mutual consent, Shell has now withdrawn from the Altalto Joint Development Agreement.

The Altalto project has no immediate funding calls and will continue according to its existing development plan, an update from Velocys reveals.

Velocys and British Airways will continue to work together in order to secure finance for the Altalto Immingham plant, and will continue the discussions with potential sources of finance for the project, which have been underway for several months.

Velocys, British Airways and Shell are continuing to work with HM Government on policy development to support Sustainable Aviation Fuel (SAF) production in the UK.

Shell will no longer have an option over shares in Altalto Limited, nor any rights or obligations in relation to the Altalto project.

There is no direct financial impact on Altalto or Velocys as a result of these changes.

Henrik Wareborn, Velocys CEO, said: “We are looking forward to moving Altalto Immingham to the next stage of development in 2021.

“Altalto Immingham is the most advanced commercial SAF project in the UK and is ready to take advantage of the strong push from both Government and industry for the decarbonisation of aviation, especially using waste feedstocks.”

Matthew Tipper, Shell VP New Fuels, added: “Shell are pursuing multiple opportunities across our global portfolio. On this occasion, we have decided to focus our resources on other lower-carbon fuels opportunities which leverage our own technology.

“We will continue to work with the aviation industry and the UK Government, as part of the Jet Zero Council, to help decarbonise UK aviation. We wish Altalto every success in the future.”

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