UK supermajor BP has acquired a nearly 29% stake in Gasrec, a provider of biofuels, including bio-liquefied natural gas and bio-compressed natural gas.
BP will supply renewable biomethane, produced from food wastes and dairy manure, to Gasrec’s biomethane refuelling stations, which the company builds, owns, and operates.
“Bio-LNG and bio-CNG play a crucial role in the energy transition and decarbonisation of the heavy-freight industry and is another example of how we’re helping decarbonise hard-to-abate sectors,” said Carol Howle, executive vice president of Trading and Shipping at BP.
“We’re excited to work with an industry leader like Gasrec to increase the supply of biomethane for [heavy goods vehicles] 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.”
Gasrec was the UK’s first supplier of biomethane in the road transport sector and has ten biomethane refuelling stations across the UK. The stations have the capacity to refuel about 1,250 vehicles daily, refuelling about 40% of the UK’s gas-powered heavy goods vehicles.
“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,” Gasrec chief executive Rob Wood said.
“Building on our eighteen years’ experience and leading position in the [heavy goods vehicle] gas supply industry, we are excited to be working with bp to help expand our reach.”
The companies said providing the sector with renewable gas is a unique opportunity to decrease greenhouse gas emissions in the UK. Heavy goods vehicles produce around 16% of road transport emissions, but only represent 5% of vehicle miles travelled, according to the companies.