ReFuels – the holding company of biomethane supplier CNG Fuels – is seeking finance to accelerate growth of its refuelling network in the UK.
It has announced its intention to have its shares admitted to trading on Euronext Growth Oslo, to widen its investor base and strengthen the platform for financing its long-term growth strategy.
The company already operates a UK-wide network of 10 renewable biomethane refuelling stations, which it says enable customers such as Amazon, DHL and Royal Mail to make low-carbon deliveries from Cornwall to Inverness.
Another three stations are currently under construction and due for operations in the coming months and at least four further stations are commencing construction during the calendar year.
In a statement the company said: “The target is to have 30-40 stations in operation in the UK towards end-2025, supported by more than 80 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 (HGV).”
It has previously announced that it is looking to add its first hydrogen capabilities to select sites in 2024, to enable customers to trial vehicles as the fuel starts to become more commercially viable in future.
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.
“Our network of stations and proximity to major fleet operators enables 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.”
