Refuels exploring IPO

In Norway, Refuels N.V., one of Europe’s leading suppliers of renewable biomethane for decarbonization of heavy goods vehicles, intends to have its shares admitted to trading on Euronext Growth Oslo to widen its investor base and strengthen the platform for financing of the long-term growth strategy.

Through a UK-wide network of public-access refuelling infrastructure under the brand CNG Fuels, ReFuels supplies customers including Amazon, DHL and Royal Mail with 100% renewable biomethane (bio-CNG) sourced from waste products and distributed through the natural gas pipeline grid. CNG Fuels operates 10 public access stations on major trucking routes, which combined dispensed more than 100 tons of biomethane per day in March 2023. Another three stations are currently under construction due for operations in the coming months and at least four further stations are commencing construction during the calendar year.
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). ReFuels is engaged across the entire bio-CNG value chain, including biomethane sourcing and trading of Renewable Transport Fuel Certificates (RTFC), which provides additional revenue streams.