bp Invests in Renewable Natural Gas for UK Trucks, Acquires Part of Gasrec
(Gasrec/NGV Journal) bp has acquired a 28.57% stake in Gasrec, the UK’s largest dual provider of bio-LNG and bio-CNG to road transport. The company builds, owns and operates biomethane refueling stations, providing renewable solutions to the heavy goods vehicle industry. Under this agreement, bp will supply Gasrec with 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.
“Bio-LNG and bio-CNG play a crucial role in the energy transition and decarbonization of the heavy-freight industry and is another example of how we’re helping decarbonize 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,” said Carol Howle, EVP Trading and Shipping at bp.
Gasrec’s network of 10 biomethane stations across the UK is capable of refueling approximately 1,250 vehicles per day and includes one of Europe’s largest refueling centers, at Daventry International Rail Freight Terminal (DIRFT). Its customers include some of the UK’s biggest retailers, parcel delivery companies and haulers — Asda, Ocado, Gregory Distribution and Reed Boardall. With a strong market position, refueling around 40% of the UK’s natural gas HGVs, Gasrec is seeking to expand its refueling network at logistics parks.
“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 natural gas supply industry, we are excited to be working with bp to help expand our reach,” commented Rob Wood, CEO of Gasrec. READ MORE
bp acquires stake in biomethane provider Gasrec (Bioenergy Insight)