BP acquires 29 per cent stake in biomethane supplier Gasrec

BP has acquired a 28.57% stake in natural gas provider Gasrec, and will supply the company with renewable biomethane produced mainly from organic waste.

Gasrec builds, owns and operates biomethane refueling stations, providing renewable solutions to the heavy goods vehicle industry.

BP will supply Gasrec with renewable biomethane produced mainly from organic wastes, such as food and dairy manure. The investment will expand bp’s UK footprint in renewable gas production and distribution, adding to its market leading position in the US.

Carol Howle, EVP Trading and Shipping at bp, said: “Bio-LNG and bio-CNG play a crucial role in the energy transition and decarbonization of the heavy-freight industry and is another example of how we’re helping decarbonize hard-to-abate sectors. We’re excited to work with an industry leader like Gasrec to increase the supply of biomethane for HGV 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’s network of ten biomethane refueling stations across the UK is capable of refueling approximately 1,250 vehicles per day and includes one of Europe’s largest gas refueling stations, at Daventry International Rail Freight Terminal (DIRFT). With a strong market position, refueling around 40% of the UK’s gas-powered HGVs, Gasrec is seeking to expand its network of refueling stations at logistics parks.

Rob Wood, CEO of Gasrec, said: “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. 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.”