News Release

Velocys plc

("the Company")

26 July 2021

Board Changes

Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce the appointments of Ann Markey and Tom Quigley as independent Non-Executive Directors to the Velocys Board effective from 26 July 2021.

Ann Markey will be a member of the Audit, Risk & Sustainability, and Disclosure Committees with immediate effect and will be appointed as Chair of the Audit Committee with effect 30 September 2021.

Ann holds a degree in Civil Law and is an ACA qualified accountant with strong experience of finance leadership and infrastructure and decarbonisation policy development in the renewables energy sector. She is currently a Non-Executive Director of the Sustainable Energy Authority of Ireland (SEAI), the governing body responsible for the delivery of a number of key decarbonisation objectives for Ireland and is a Non-Executive Director of Foresight Solar Fund Limited (FSFL), the London listed renewable energy investment company, which has a diverse portfolio of ground based solar PV assets in the UK, Spain and Australia. In addition, Ann is a Non-Executive member of the Audit & Risk Committee of the Health Service Executive (HSE), Ireland's national public health service provider and until June 2021 a Non-Executive Director of the Digital Hub Development Agency (DHDA), Ireland's largest cluster of digital companies.

Ann was a senior executive with ESB, a leading Irish utility, and with Greencoat Capital, a leading renewable energy investment manager. She is a former director with the Irish Venture Capital Association (IVCA), the representative body for enterprises involved in the venture capital industry.

Tom Quigley will be a member of the Remuneration, Audit, and Risk & Sustainability Committees with immediate effect and will be appointed as Chair of the Remuneration Committee with effect 30 September 2021.

Tom Quigley is an ACA qualified accountant and joins Velocys as an experienced Non-Executive Director within the waste to clean energy and financial investment sectors.

Tom is currently a Non-Executive Director of EQTEC plc, the AIM-Listed waste gasification technology company. He also holds Non-Executive roles with Skipton International Ltd, an offshore savings bank and mortgage lender and Barchester Healthcare. Furthermore, Tom is currently Director and Chair of the Audit Committee of The States of Jersey Development Company and an Advisory Board Member of UBS Channel Islands.

Tom has had a successful career in the City of London in corporate finance as Managing Director for Close Brothers and ING Barings.  Subsequently Tom held positions at Terra Firma Capital Partners, WP Carey and ETF Securities bringing with him a wealth of finance experience and City contacts.

Board Sub-Committee Changes

As previously announced, Sandy Shaw will step down as Senior Independent Director and Chair of the Remuneration Committee on 30 September 2021. Darran Messem will be appointed as Senior Independent Director in her place.

Following her departure, the Board Sub-Committees will be comprised as follows:

* Appointed as Committee Chair on 26 July 2021

** Appointed as Committee Member on 26 July 2021

Phil Holland, Chairman of Velocys plc, said:

"I am delighted to welcome Ann and Tom to the Velocys Board of Directors. As Velocys is now focused on commercialisation and technology deployment, the background, skills, clean tech market and finance experience that both Ann and Tom bring to the Board will significantly enhance our Board. I look forward to working with both as we make further progress in the commencement of FEED activity for our reference projects, and the future sales of reactors and catalysts to third party project developers.

"I would also like to thank Sandy Shaw for her 9 years of service to Velocys which has seen the Company successfully move through a critical stage of its development. She leaves Velocys well positioned to contribute to the reduction of global carbon emissions in transport."

In accordance with Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies, additional information for Thomas Kelly Quigley (aged 58) and Ann Marie Markey (aged 54) is set out below:

Ann Markey

Current Directorships

·     Foresight Solar Fund Limited

·     Sustainable Energy Authority of Ireland

·     Studypal Limited

Past Directorships (in the last 5 years)

·     Digital Hub Development Agency

Thomas Quigley

Current Directorships

·     Alchemy Capital Ltd

·     Argentari Capital LLP

·     Cloudberry Capital Limited

·     Cloudberry Corporate Advisers Limited

·     EQTEC PLC

·     Grove Limited (holding company of Barchester Healthcare)

·     Invesco Bond Income Plus Limited (formerly named City Merchants High Yield Trust Limited)

·     London Medical Concierge Limited

·     Skipton International Ltd

·     The States of Jersey Development Company

Past Directorships (in the last 5 years)

·     Ecofinance (GLI) Limited

·     Relendex Limited

As of the date of this announcement, Ann Markey and Thomas Quigley hold no ordinary shares in the capital of the Company.

There is no further information to disclose in respect of these appointments under Rule 17 and Schedule 2 paragraph (g) of the AIM Rules.

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For further information, please contact:

Notes to Editors

Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from residual woody biomass and municipal solid waste.

Velocys is at present developing two reference projects: one in Natchez, Mississippi, USA (incorporating Carbon Capture, Utilisation and Storage) and one in Immingham, UK, to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport. Originally a spin-out from Oxford University, in 2008 the Company acquired a US company based on complementary reactor technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.

www.velocys.com

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