BP has acquired a 28.57% stake in Gasrec, the UK’s largest dual provider of bio-liquified natural gas (LNG) and bio-compressed natural gas (CNG) to road transport.
The company builds, owns and operates biomethane refuelling stations for the heavy goods vehicle (HGV) industry.
BP will supply Gasrec with renewable biomethane produced mainly from organic wastes, such as food and dairy manure. The investment will expand BP’s UK footprint in renewable gas production and distribution, adding to its market leading position in the US.
Carol Howle, EVP trading and shipping at BP, said: “Bio-LNG and bio-CNG play a crucial role in the energy transition and decarbonisation of the heavy-freight industry and is another example of how we’re helping decarbonise hard-to-abate sectors.
“We’re excited to work with an industry leader like Gasrec to increase the supply of biomethane for HGV customers. This investment further expands BP’s global renewable gas portfolio, an area which we believe will have an increasingly important role on the path to net zero.”
Founded in 2003, Gasrec was the UK’s first supplier of biomethane to the road transport sector. Its customers include some of the UK’s biggest retailers, parcel delivery companies and hauliers such as Asda, Ocado, Gregory Distribution and Reed Boardall. By offering lower carbon solutions for HGVs,
Gasrec’s network of 10 biomethane refuelling stations across the UK is capable of refuelling approximately 1,250 vehicles per day and includes one of Europe’s largest gas refuelling stations, at Daventry International Rail Freight Terminal (DIRFT).
Gasrec currently refuels around 40% of the UK’s gas-powered HGVs, and is seeking to expand its network of refuelling stations at logistics parks.
Rob Wood, CEO of Gasrec, said: “This agreement is an important milestone for our company as we look to continue increasing our impact on the UK’s heavy goods vehicle industry. Building on our 18 years’ experience and leading position in the HGV gas supply industry, we are excited to be working with BP to help expand our reach.”
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