March 20, 2025. ReFuels N.V., a leading European supplier of renewable biomethane (Bio-CNG) for the decarbonization of heavy goods vehicles (HGVs), has agreed with funds managed by the Foresight Group to create, through ReFuels’ existing wholly owned subsidiary CNG Fuels Ltd, a fully integrated clean fuel company.
CNG Fuels will encompass the biomethane sourcing and Renewable Transport Fuel Certificate (RTFC) generation, with direct station ownership, large site pipeline and market leading station operating capabilities. The combined entity now has a clear path to doubling the refueling capacity to 20,000 HGVs per day by end-2028.
The transaction implies that Foresight will contribute the 15 CNG stations and mobile refueling equipment to CNGF’s balance sheet. ReFuels will contribute its stake in Renewable Transport Fuel Services Ltd (RTFS), one of Europe’s leading biomethane aggregating businesses. The resulting business will have no external interest-bearing debt. In exchange, funds managed by Foresight will receive new equity in CNGF corresponding to 60% ownership while ReFuels’ will retain 40% ownership.
“By consolidating biomethane sourcing, station ownership and certificates, we are creating a leading integrated and fully equity-funded Bio-CNG infrastructure platform. This opens new sources of capital to finance a doubling of our refueling capacity supported by rapidly increasing cash flow from operations. A larger station portfolio will enable additional truck fleets to decarbonize, further fueling network and scale effects”, said Philip Fjeld, CEO of ReFuels.
