bp acquires 30% stake in the UK’s largest provider of HVO
Green Biofuels’ renewable hydrogenated vegetable oil (HVO) fuels can be used as a direct replacement for diesel.
bp has acquired a 30% stake in Green Biofuels Ltd (GBF), the UK’s largest provider of hydrogenated vegetable oil (HVO). GBF’s products are made from renewable feedstocks such as vegetable oils, animal oils and fat.
The product range includes HVO Gd+, a low emission advanced HVO fuel that can be used as a direct drop-in replacement for diesel.
bp’s investment will support GBF’s growth as it works with businesses looking to transition away from using traditional diesel fuel in their assets, such as transport vehicles, temporary generators and construction machinery. The investment in GBF will expand bp’s global biofuels portfolio and its lower carbon solutions for UK customers, in line with its strategic aim of growing its bioenergy businesses as it transitions to become an integrated energy company.
“We are delighted to be working with Green Biofuels, who are at the forefront of HVO supply in the UK market. We look forward to supporting their continuing growth and working together on these immediately available alternatives. This investment further expands our biofuels portfolio, as we transition to become an integrated energy company,” Sven Boss-Walker, SVP refining & products trading
Founded in 2013, GBF is the UK’s largest provider of HVO, having delivered over 55 million litres of HVO products to the UK market over the past two years.
“Our mission is to support the net zero energy transition by providing an immediate solution that makes a difference to carbon and air pollution emissions today. Our fuels provide businesses the time to transition to new technologies when they are proven both economically and operationally,” said William Tebbit, CEO of Green Biofuels.
This investment is another example of bp’s work to help decarbonize hard-to-abate sectors. In December 2021 bp announced it had taken a stake in Gasrec - the UK’s largest dual provider of bio-LNG and bio-CNG to the heavy goods vehicles industry.
