BP has acquired a 28.57% stake in Gasrec, the provider of bio-Liquified Natural Gas (LNG) and bio-Compressed Natural Gas (CNG) to road transport.
The firm will supply Gasrec with renewable biomethane produced mainly from organic waste, such as food and dairy manure, and the investment will expand its UK footprint in renewable gas production and distribution.
Gasrec’s network of ten biomethane stations across the UK can refuel about 1,250 vehicles per day and includes one of Europe’s largest gas refueling stations, at Daventry International Rail Freight Terminal (DIRFT).
Customers include some of the UK’s biggest retailers, parcel delivery companies and hauliers – Asda, Ocado, Gregory Distribution and Reed Boardall.
Currently refueling around 40% of the UK’s gas-powered HGVs, Gasrec is seeking to expand its network of refueling stations at logistics parks.
Carol Howle, EVP Trading and Shipping at BP, said: “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.
“We’re excited to work with an industry leader like Gasrec to increase the supply of biomethane for HGV customers.”
Rob Wood, CEO of Gasrec, added: “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.”