Assuming full control of the existing station infrastructure and associated cash flows will significantly simplify ReFuels’ company structure. The stations are operated under the CNG Fuels brand and cater to customers such as Amazon, DHL and Royal Mail.
Strategic initiative
To support the strategic initiative, ReFuels is currently exploring the possibility of raising approximately £150 million of funding through a combination of equity and debt issuance. This will likely be carried out as a private placement of equity, as well as debt facility/bond of up to 50% of the capital requirement.
The company is also progressing five attractive higher-capacity station locations, expected to be ready for construction, increasing the total capacity to more than 13,000 HGVs and 440,000 tonnes Bio-CNG per year. The mid-term target is to have 30-40 stations across the UK, supported by more than 140 individual customer fleets, including Waitrose, Lidl, Aldi and Warburtons. Longer-term, the ambition is to grow to more than 100 large stations, expand into other European markets, and include hydrogen and electricity as part of a full-service infrastructure offering for green refuelling of heavy goods vehicles.
Image credit: Capient