BP has purchased a 30% investment in Green Biofuels Ltd and will collaborate with the company to help decarbonize enterprises in the construction, freight, off-road, and maritime sectors. Renewable hydrogenated vegetable oil (HVO) fuels from Green Biofuels can be utilized as a direct replacement for diesel.
The acquisition adds to BP’s worldwide biofuels portfolio, which the company believes will be critical in cutting emissions from hard-to-decarbonize industries like diesel-powered assets.
Green Biofuels Ltd (GBF), the UK’s largest provider of hydrogenated vegetable oil, has bought a 30% share in bp (HVO). GBF uses renewable feedstocks such as vegetable oils, animal oils, and fat to make its goods. HVO Gd+, a low-emission advanced HVO fuel that can be used as a direct diesel replacement, is part of the product line.
GBF’s expansion will be aided by bp’s investment as it works with companies aiming to shift away from traditional diesel fuel in assets including transport trucks, temporary generators, and construction machines. In keeping with its strategic goal of increasing its bioenergy businesses as it transforms to become an integrated energy company, bp’s investment in GBF will increase its global biofuels portfolio and lower carbon solutions for UK clients.
“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 decarbonize today. We look forward to supporting their continuing growth and working together on these immediately available alternatives. This investment further expands our biofuels portfolio, as we transition to become an integrated energy company,”said Sven Boss-Walker, SVP refining & products trading.
GBF, which was founded in 2013, is the UK’s largest HVO supplier, having delivered over 55 million liters of HVO to the UK market in the last two years. HVO Gd+, which contains GBF additives, can be used in diesel engines without requiring any changes or financial investment. As a drop-in replacement fuel, HVOs has the potential to play a major role in supporting lifetime emission reductions in a variety of industries, providing a financially feasible decarbonization option for fleet owners, construction companies, and vessel operators.
“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 decarbonize today. We look forward to supporting their continuing growth and working together on these immediately available alternatives. This investment further expands our biofuels portfolio, as we transition to become an integrated energy company,”Sven Boss-Walker, SVP refining & products trading at bp, 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 recognizes the urgency of making positive changes now,”William Tebbit, CEO of Green Biofuels, said.
This initiative is another example of BP’s efforts to decarbonize difficult-to-decarbonize industries. BP revealed in December 2021 that it had acquired a share in Gasrec, the UK’s leading dual provider of bio-liquefied natural gas (LNG) and bio-compressed natural gas (CNG) to the heavy goods vehicle industry.