CNG Fuels has acquired a majority stake in Renewable Transport Fuel Services (RTFS), the largest renewable biomethane sourcing company for UK transport.
CNG is Europe’s leading supplier of renewable biomethane for heavy goods vehicles and will form a new holding company, ReFuels, which will comebine CNG Fuels’ growing UK network of public access Bio-CNG refuelling stations with RTFS’s upstream biomethane sourcing activities. In doing so it will create one of Europe’s largest fully integrated renewable biomethane suppliers for heavy transport.
Philip Fjeld, CEO of ReFuels and CNG Fuels said: “Running trucks on Bio-CNG has now become "business as usual" for fleet operators and CNG trucks are being adopted en masse UK-wide as fleet operators recognise Bio-CNG as the most cost-effective and lowest carbon alternative fuel to diesel available today. In 2022 alone, we saw dispensed volume increase by 62% compared to 2021 and we expect to surpass this growth rate in 2023.
"Acquiring a majority stake in Renewable Transport Fuel Service enables us to become a fully-integrated supplier of 100% sustainable and renewable biomethane – from the producer down to the dispenser nozzle. Under our new ReFuels structure, we are very well-positioned to accelerate our sustainable growth rate and help the sector decarbonise even faster”.
ReFuels will keep the CNG Fuels brand name for its Bio-CNG refuelling station network, to maintain its UK brand profile where it serves more than 80 customer fleets, including Amazon, Royal Mail, Aldi, Waitrose , Warburtons and EVRi. Around 1,300 HGVs refuel at its stations every day with more than 2,000 trucks expected to be using the network by this time next year.