BP has acquired a 30% stake in the UK’s largest provider of hydrogenated vegetable oil (HVO) fuels, Green Biofuels.
The two businesses will work together to help fleets across the construction, freight and marine industries to decarbonize.
William Tebbit, CEO of Green Biofuels, said: “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. We are proud to be partnering with a company like bp, which recognises the urgency of making positive changes now.”
Green Biofuels’ 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.
The fuels can benefit businesses looking to transition away from using traditional diesel fuel in their assets, such as transport vehicles, temporary generators and construction machinery.
By using HVO fuels, operators of diesel engines typically save lifecycle greenhouse gas emissions by 87% and additionally improve local air quality
The investment 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.
Sven Boss-Walker, SVP Refining & Products Trading at BP, said: “We are delighted to be working with Green Biofuels, who are at the forefront of HVO supply in the UK market, providing their customers with solutions to help them take steps to decarbonize today. 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.”