ReFuels enters into a fixed price Bio-CNG agreement with major UK logistics operator
ReFuels N.V., one of Europe’s leading suppliers of renewable biomethane (bio-CNG) for the decarbonization of heavy goods vehicles (HGVs), has entered into a fixed price Bio-CNG agreement for one of Britain’s largest logistics operators.
The agreement is a multi-year contract signed by CNG Fuels (40% owned by ReFuels), which locks in a fixed price at the fuel dispensers across CNG Fuels’ Bio-CNG station network, providing fuel cost visibility and enabling the customer to accelerate its transition from diesel to running its fleet of HGVs on 100% renewable and sustainable biomethane.
“CNG Fuels’ first Bio-CNG hedging agreement demonstrates the confidence the logistics industry has in Bio-CNG as a lasting decarbonization solution. It offers our customers price certainty while providing us with visibility on stable, low-risk multi-year cash flows. We see strong interest from other fleet operators, and over time, such agreements could account for a material share of our annual volumes,” said Philip Fjeld, CEO and co-founder of ReFuels.
The current CNG Fuels network of 16 public-access stations in the UK can refuel more than 10,500 HGVs daily, equivalent to an annual dispensing capacity of > 340 MM kg of biomethane. The company has a clear path to double the capacity to 20,000 vehicles by the end of 2028, reaching an annual dispensing capacity of > 780 MM kg of biomethane. This is equivalent to 2 metric MMtpy of CO₂ savings compared to diesel.
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