Gas-to-liquids technology company Velocys has made $12 million available to its joint venture Envia Energy, as it announced the final major contract for Envia’s commercial reference plant in Oklahoma has been signed.
Velocys said $3million is its equity contribution and $9 is a loan secured on the Oklahoma City project. It said it expects this will be sufficient to fully fund Envia’s gas-to-liquid plant through construction, completion and operation.
Envia Energy is a joint venture among Velocys, Waste Management Inc, NRG Energy and Ventech Engineers. The companies are aiming to produce renewables fuels and chemicals from biogas and natural gas using gas-to-liquid technology.
Velocys added the project was continuing to hit milestones, with Envia Energy’s EPC contractor Ventech Engineers signing the final major contract, which covers the installation of process modules, related piping and ancillary equipment at Envia’s plant.
Mechanical completion of the gas-to-liquid plant is expected in the mid-year 2016.
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