Velocys Wins Intellectual Property Lawsuit Against Rival
Ruling protects leadership in smaller scale gas-to-liquids technology
HOUSTON, Sept. 22, 2014 /PRNewswire/ -- Velocys plc (VLS.L), the company behind smaller scale gas-to-liquids (GTL), announces that the UK High Court has ruled in its favor in the patent infringement case it brought against CompactGTL Ltd.
"Velocys is pleased by today's judgment in its favor against CompactGTL. We have demonstrated our resolve to protect our shareholders' interests and defend our intellectual property, which includes many valuable patents relevant to smaller scale gas-to-liquids production and its associated supply chain," said Roy Lipski, CEO of Velocys. "This ruling provides important guidance to the industry, just when the market for smaller scale GTL begins taking off."
The case, filed by Velocys in March 2013, involves infringement by CompactGTL's smaller scale Fischer-Tropsch (FT) technology. FT is regarded as the core process in any gas-to-liquids plant.
The judgment upheld the validity of the two patents in suit (known as '508 and '509), and found CompactGTL to be infringing both patents – six separate patent claims in total – based on CompactGTL's sworn statements to the court concerning their technology and its intended use. A copy of the judgment can be obtained from the Courts Recording and Transcription Unit of the Royal Courts of Justice.
Velocys has a very substantial patent portfolio comprising more than 900 patents, covering a broad range of countries, which protects key inventions relevant to smaller scale GTL. The Company also holds a significant inventory of trade-secrets which it has gained through years of development and practice. Moreover, Velocys actively ensures it maintains strict freedom to operate for its own business.
Patents similar to the two in this case have also been approved in numerous other jurisdictions around the world, including places where smaller scale GTL might be deployed, such as the United States and Canada, and countries where FT reactors and other associated equipment might be manufactured, such as Japan and South Korea.
"Velocys is entering an exciting phase of growth as it continues to strengthen its leading market position and maximize its healthy pipeline of opportunities," said Lipski. "Our technology is the basis for the construction of a commercial small scale GTL plant, the first of its kind in the US, which has now begun at Waste Management's East Oak landfill site in Oklahoma." He added, "It's a great time to be in our business – we're witnessing the birth of a whole new industry."
About Velocys
Velocys enables modular gas-to-liquids (GTL) plants to convert unconventional, remote and problem gas into valuable liquid fuels. Systems based on the Company's technology are significantly smaller than those using conventional technology, enabling modular plants that can be deployed cost effectively in remote locations and on smaller fields than is possible with competing systems. Together with world-class partners, Velocys provides complete modular GTL solutions that address an untapped market of up to 25 million barrels of fuel a day.
Velocys plc is listed on the AIM market of the London Stock Exchange (LSE: VLS). The Company has over 100 employees with facilities in Houston, Texas, USA and near Oxford, UK and Columbus, Ohio, USA.
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| Pierpont Communications for Velocys Krystal Hewitt |
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SOURCE Velocys
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