BP acquires 30% of UK biofuels company

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BP has acquired 30% of Green Biofuels (GBF), the UK’s largest provider of hydrogenated vegetable oil (HVO) fuels.

GBF creates fuel using renewable feedstocks such as animal oils, fats, and vegetable oils. The biofuel company’s Gd+ is a low-emission advanced HVO fuel that can be used as a direct drop-in replacement for diesel, without the need for modifications or capital expenditure. GBF has provided more than 55 L of HVO product to the UK market over the past two years.

As a drop-in fuel replacement, BP says that HVOs have the potential to play an important part in supporting life cycle emission reductions in many sectors, providing a commercially viable decarbonisation option for construction companies, fleet owners, and vessel operators. BP will work with GBF to decarbonise businesses across construction, freight, off-road, and marine industries.

BP’s investment will expand the company’s global biofuels portfolio and its low carbon technologies for UK customers, in line with its strategic aim of growing its bioenergy business as it transitions into an integrated energy company.

Sven Boss-Walker, SVP of 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 decarbonise today. We look forward to supporting their continuing growth and working together on these immediately available alternatives.”

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.”