Velocys’ signing of a commerical agreement with Toyo under a technology licencing model proves both the technology and the commercial model in our view. The demonstration project has now run successfully proving the technology at that scale. The decision to move to a commercial agreement, with Velocys having received an advance fee as part of the deal, proves that the company can operate a capital light model with early revenues ahead of project development. We see the decision by Toyo to procee ....