9 June 2022

News Release

Velocys plc

("the Company")

Appointment of Chief Financial Officer

Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to announce the appointment of Philip Sanderson as an Executive Director of the Company and as Chief Financial Officer ("CFO") with effect from 22 June 2022. This follows the Company's announcement in February 2022 that Andrew Morris had advised of his intention to step down as CFO and will not stand for re-election at the Company's annual general meeting on 21 June 2022. To ensure a smooth transition, Andrew will remain with the business for an agreed period.

Philip joins Velocys with over 30 years of international finance and commercial expertise in advanced fuels and lubricants, large scale capital project execution and low carbon energy in a range of divisions and affiliates of Shell Plc. Philip is joining us directly from a role of Vice President Finance Global Marketing.  Philip has an impressive track record in commercial delivery, strategic planning, corporate governance and consistently driving shareholder value.

Philip's experience includes roles in business partnering, financial and risk management, governance and assurance, and major transaction engagement. Additionally, he has extensive experience of capital project development and project financing.

Philip holds a BA (hons) in Mathematics from The University of Oxford and is an Associate of the Chartered Institute of Management Accountants.

Additional information:

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies:

Philip Thomas Edward Sanderson, (aged 52) holds, or has held, the following current and former directorships in the past five years:

Philip Sanderson does not currently hold any shares in the Company.

Henrik Wareborn, CEO, said:

"Philip's commercial acumen coupled with a senior financial background from a global integrated energy major will help Velocys to accelerate its growth strategy of providing integrated, IP-protected, decarbonisation technology to clients in the most difficult to abate industrial sectors, such as aviation fuel.

"I want to thank Andrew for his significant contributions to Velocys over the last 5 years, initially as a non-executive board member and over the last three years as CFO".

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Notes to Editors

Velocys is an LSE-listed, international sustainable fuels technology company, traded on the AIM, providing customers with a technology solution to enable the production of negative Carbon Intensity synthetic, drop-in fuels from a variety of waste materials. Synthetic fuel is the only commercially available, permanent alternative to fossil aviation fuels. The Velocys technology is IP-protected in all major jurisdictions.

Two reference projects (Bayou Fuels, US, and Altalto, UK) are designed to accelerate the adoption and standardise the Velocys proprietary Fischer Tropsch (FT) technology with an integrated end to end solution, including renewable power and carbon sequestration.

Velocys is enabling commercial scale synthetic fuel production in response to the clean energy transition, with significant additional positive air quality impacts.

www.velocys.com