The Euronext Growth-listed company hopes to decarbonise Europe’s truck fleet through its 40pc ownership of CNG Fuels, a supplier of green fuel Bio-CNG. CNG Fuels is also 60pc owned by private equity group Foresight, with 16 refuelling stations across the UK.
Philip Fjeld, co-founder and CEO of ReFuels, revealed the company was considering an Irish expansion during a recent investor update. He said it would make sense to assess the market across the island of Ireland before others.
“We continue to have on-and-off discussions there, whether or not that could make sense for us to look at.
“We’ve got a quite unique competency, not only in running the stations that you’ve seen, but also in design, build, operational philosophy, the whole package.”
Fjeld said there were aspects of such an expansion that would make a lot of sense for ReFuels, both strategically and operationally.
“We’ve got customers using our stations across the UK today that also have a home base in Ireland or Northern Ireland,” he said.
“So tying that knot together makes sense.
“But of course, it needs to also make sense from a financial perspective, a strategic perspective.”
Bio-CNG is a renewable form of natural gas produced from organic waste by breaking down materials like food waste and agricultural leftovers through anaerobic digestion.
The resulting biogas is purified to remove impurities and increase its energy content, creating Bio-CNG.
Suppliers of the fuel claim it emits up to 90pc fewer carbon emissions than alternative heavy fuels.
The fuel is already offered in Ireland. In 2024, Flogas opened the Republic’s first-ever dedicated Bio-CNG refuelling self-service station.
Last month, ReFuels announced CNG Fuels had entered into a £25m (€28m) five-year debt facility with Foresight Energy to build three new Bio-CNG refuelling stations in Wales and England.
By the end of 2028, ReFuels aims to have the capacity to serve 20,000 heavy goods vehicles per day. The company has a long-term ambition of becoming Europe’s leading integrated supplier of alternative fuels for commercial fleets.
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