In the UK, global oil and gas major bp plc has acquired a 28.57 percent stake in Gasrec Ltd, the country’s largest dual provider of bioLNG and bioCNG for road transportation. The company builds, owns, and operates biomethane (aka renewable natural gas – RNG) refueling stations, providing renewable fuel solutions for heavy goods vehicles (HGVs).
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bp will supply Gasrec with renewable biomethane produced mainly from organic wastes, such as food waste and dairy manure. The investment, the value of which has not been disclosed, will expand bp’s UK footprint in RNG production and distribution, adding to its leading position in the United States (US).
BioLNG and bioCNG 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.
Founded in 2003, Gasrec was the UK’s first supplier of biomethane to the road transport sector. Its customers include some of the UK’s biggest retailers, parcel delivery companies, and hauliers such as Asda, Ocado, Gregory Distribution, and Reed Boardall. By offering lower carbon solutions for HGVs, Gasrec lowers the carbon emissions associated with the road transport supply chain and the customers who transport goods.
Gasrec’s network of ten biomethane refueling stations across the UK is capable of refueling approximately 1 250 vehicles per day and includes one of Europe’s largest gas refueling stations, at Daventry International Rail Freight Terminal (DIRFT).
With a strong market position, refueling around 40 percent of the UK’s gas-powered HGVs, Gasrec is seeking to expand its network of refueling stations at logistics parks. From producing and supplying biomethane to building and operating the fueling stations, bp and Gasrec are well-positioned to meet the increasing demand for reliable, renewable gas solutions.
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 eighteen years’ experience and leading position in the HGV gas supply industry, we are excited to be working with bp to help expand our reach, said Rob Wood, CEO of Gasrec