Velocys shares rise 10.58% to 5.75p on tax incentives resulting from passage of US Inflation Reduction Act of 2022
Velocys released a statement celebrating the passing of the Inflation Reduction Act of 2022 by the US Congress. The sustainable jet fuel maker will see large incentives from the bill in the form of tax credits and other mechanisms meant to accelerate development of advanced fuel technologies.
The Inflation Reduction Act is mostly a climate bill by another name that barely passed the US Senate on 7 August. It passed the House last week and is expected to be signed by President Biden in the coming days.
Velocys US reference project in Bayou, Mississippi aims to produce carbon negative fuel through the use of biogenic feedstock, renewable power, and carbon sequestration. The biorefinery will convert 3,000 tons of woody biomass forestry residues a day into 36 million gallons of carbon negative renewable fuels a year.
Read our full coverage of today's announcement by Velocys.
Egdon Resources shares rise 20% to 6p on appeal against North Kelsey refusal, and chance fracking will resume in the UK
Egdon Resources said last week it had submitted an appeal against a refusal by Lincolnshire County Council in March 2022 of a time extension to the planning permission for drilling and testing at its North Kelsey oil site in PEDL241.
The council’s planning committee voted unanimously against another 12-month extension. The site was first granted a license for 3 years of oil exploration in 2014, and then granted extensions in 2018 and 2020. The council refused another extension as hardly any work had been carried out on the site since 2014.
Egdon holds a 50% interest and is operator of PEDL241. The remaining 50% is owned by Union Jack Oil.
Shares originally rose 16.67% on the announcement. Shares received another boost after Conservative politicians Liz Truss and Rishi Sunak expressed support for restarting fracking in the UK, as a way to solve the energy crisis. Lincolnshire's chief environment councillor Colin Davie also came out in favour of resuming fracking. The practice has been banned in the UK since 2019.
Abingdon Health shares drop 23.14% to 7.11 on significantly lower revenue in FY22
Abingdon Health said trading performance in FY22 was "disappointing". FY22 revenues are expected to be much lower, and a substantial loss for the year will be incurred, the company said.
Abingdon Health said that revenue was expected to be in the region of £2.8m, compared to £11.6m the year before, and that it would register a loss. A significant portion of the losses relate to an increase in operational infrastructure related to AbC-19 and a DHSC contract, and the subsequent unwinding of that investment, the company said.
Abingdon Health explained it had restructured its operations in Q4 22, with a reduction in headcount from 123 at the end of December 2021 to 86 at the end of July. This, along with other cost saving measures, has significantly reduced ongoing monthly operational cash outflow, the company said.
Cornerstone FS shares rise 13.89% to 10.25p on new CEO appointment
Cornerstone FS said James Hickman had been appointed CEO, effective 12 September. The company's previous CEO, Julian Wheatland, had resigned in July.
Mr Hickman was previously chief revenue officer at Fire Financial Services, a Dublin-based fintech. He was also CCO at Equals Group PLC for five years. Prior to that, he was managing director at Caxton FX, a privately held payments business.
Chair Elliott Mannis commented: "James brings a wealth of industry experience and excellent strategic and leadership skills to Cornerstone, and I am delighted that he will be our new Chief Executive Officer. He has impressed the Board with his clarity of vision, breadth of knowledge and his strong client-centric mindset. The Board believes he is a great fit for Cornerstone, with the combination of skills and experience to lead the business through its next strategic phase."