Managed by the Foresight Group, the debt facility, along with increasing operational cash flow, will fund the construction of three new high-capacity Bio-CNG refuelling stations in line with the company’s strategy to double UK-wide dispensing capacity by the end of 2028.
Philip Fjeld, CEO and co-founder of ReFuels comments: “We are progressing the next milestones in our growth plan.” highlighting how the new debt facility “enables us to capitalise on the fast-growing demand for Bio-CNG.”
CNG Fuels plans to build out at least nine high-capacity stations over the next three years, with two sites already confirmed in South Wales and the South West. The resultant increase in network capacity to more than 12,500 HGVs per day, is expected to unlock significant future truck orders.
Fleet decarbonisation at scale
Supported by a fleet of additional Mobile Refuelling Units (MRS), total capacity will exceed 20,000 HGVs by the end of 2028.
Biomethane delivers 85–90% lower CO₂ emissions and 25% lower costs compared with diesel, and up to 40% lower costs compared with HVO biodiesel. By combining access to renewable biomethane with ownership of the UK’s leading public access fuelling infrastructure, CNG Fuels aims to deliver fleet decarbonisation at scale. 2,100 HGVs currently refuel through the network, with more than 900 additional trucks expected over the next 12 months.
CNG Fuels (a company 40% owned by ReFuels) has ambition to reach an annual dispensing capacity of over 780 million kilograms of biomethane by the end of 2028 – equivalent to 2 million tonnes of CO₂ savings per year compared to diesel.
Image provided by Refuels