Velocys GTL Company Suspends CEO for Possible Serious Misconduct

Please see the note on this article for an update about this story.

In September 2013 MDN told you about an innovative new $300 million gas-to-liquids (GTL) plant being built in Ashtabula, OH that will convert Marcellus and Utica Shale gas into chemicals and diesel fuel (see Utica Shale Gas-to-Liquids Plant Planned for Ashtabula, OH and More Details on Ashtabula, OH Gas-to-Liquids Plant). The plant was going to be built by a Houston-based company called Pinto Energy using technology created by UK-based Velocys. But last June Velocys announced they were buying out Pinto Energy lock, stock and barrel–including (and primarily for) the Ashtabula GTL plant (see UK-based Velocys Buys Ashtabula, OH GTL Plant). The last we heard about the Ashtabula GTL plant was that the Ohio EPA issued a draft Lake Erie discharge permit in March 2015 and scheduled hearings about the plant (see OH EPA Issues Draft Lake Erie Discharge Permit for Ashtabula GTL Plant). Here’s the bombshell: Velocys has just suspended its Chief Executive Officer, Roy Lipski, pending an investigation into “allegations of serious misconduct”…

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