Velocys Raises $85M For Fuel Technology

Houston-based Velocys, a developer of plans to convert unconventional and problem gas from the oil and gas industry into liquid fuels, said yesterday that it has raised $85M in an equity funding round. Source of the funding was not disclosed. Velocys develops gas-to-liquid plants which convert the gases normally flared off oil and gas plants into useful products. The gases--such as natural gas and methane--normally flared off by the industry are associated with normal oil and gas production, but have typically been hard to capture and convert into usable products. Velocys is publicly listed on the London AIM market.