Leading renewable fuel supplier valued at £120m as it announces plans to list

ReFuels, one of Europe’s largest suppliers of renewable biomethane from food waste for heavy goods vehicles, today announces its plans to publicly list, valued at GBP £120 million.

The world’s largest public access biomethane refuelling station in Avonmouth can refuel up to 80 HGVs per hour cutting 70,000 tonnes of CO2 emissions every year.

Applying to have its shares admitted to trading on the Euronext Growth Oslo exchange, the initial public offering (IPO) will help ReFuels, the holding company of CNG Fuels, to widen its investor base and strengthen the platform for financing of the long-term growth strategy.

CNG Fuels already operates a UK-wide network of refuelling stations, including the world’s largest renewable biomethane station in Avonmouth that is capable of refuelling over 70 trucks every hour, supporting major brands in fleet and delivery decarbonisation.

With demand skyrocketing, Refuels is looking to attract the investment needed to grow its network to 30-40 stations in the UK by 2025, capable of serving the daily needs of 20,000 HGVs.

A multi-fuel future

Preparing for a multi-fuel future, the business is also looking to add its first hydrogen capabilities to select sites in 2024 where it will be hosting hydrogen trials to ensure that, when the fuel becomes a commercially viable solution, it’s network of refuelling stations will be ready to cater to demand.

Long term, it aims to grow to more than 100 large stations in the UK alone, expand into other European markets, and include hydrogen and electricity as part of a full-service infrastructure offering for green refuelling of HGVs. Heavy goods vehicles (HGVs) account for 18% of all UK transport greenhouse gas emissions, despite

Philip Fjeld, CEO of ReFuels said: “Demand for alternative fuels is at an all-time high and running trucks on Bio-CNG has now become “business as usual” as the haulage sector races to decarbonise. 

“ReFuels provides everything – from the production of renewable Bio-CNG right down to the dispenser nozzle at our UK-wide network of refuelling stations. In 2022 alone, we saw the dispensed volume increase by 62%, and we expect to surpass this growth rate in 2023. Our public listing will enable us to access the finance needed to scale the company at the pace that this burgeoning demand requires.”

Fast-track to net zero trucking

CNG (compressed natural gas) penetration could reach 30% of heavy goods vehicles by 2040, equivalent to 89,000 vehicles in the UK alone, according to Element Energy, as fleets across the country urgently seek solutions to make dramatic and immediate emission cuts from fleets.

Renewable biomethane, sourced from food waste, is the lowest carbon, most cost-effective alternative fuel to diesel available to HGVs today, cutting emissions by over 90% whilst providing up to a 40% lifetime fuel cost saving.

“Biomethane is the fast-track option for enabling net-zero trucking, and the market is driven by a strong European governmental push to decrease transport related greenhouse gas emissions,” Philip shares.

“ReFuels is one of Europe’s leading integrated suppliers of alternative fuels for commercial fleets and being admitted to trading is an important enabler for our future growth.

“Our network of stations and proximity to major fleet operators enable us to rapidly expand our station footprint and adapt to a low-carbon multi-fuel future offering, initially based on biomethane, and later including hydrogen and electricity.”