BP acquires a stake in Gasrec06 December 2021
BP has acquired a 28.57% stake in Gasrec, the UK provider of bio-liquefied natural gas (LNG) and bio-compressed natural gas (CNG) to road transport. The company builds, owns and operates biomethane refueling stations, providing renewable solutions to the HGV 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.
Carol Howle, executive vice president of 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 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. 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.”
Founded in 2003, Gasrec was the UK’s first supplier of biomethane to the road transport sector. 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).
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