BP has acquired a 30% stake in Green Biofuels (GBF), a major UK provider of hydrogenated vegetable oil (HVO) fuels.
Details of the transaction were not disclosed but BP said it would support its work to help decarbonise businesses by transitioning them away from traditional diesel fuel.
GBF’s products are made from renewable feedstocks such as vegetable oils, animal oils and fat. The product range includes HVO Gd+, a low-emission HVO fuel that can be used as a direct drop-in replacement for diesel.
Independent tests have shown that compared to standard diesel emissions, HVO Gd+, which is often made from waste products, achieves up to 85% reductions of particulates and up to 30% reductions of nitrogen oxides emissions.
The investment expands BP’s global biofuels portfolio, an area it believes will be an essential part of reducing emissions from hard-to-decarbonise sectors including many diesel-run assets.
Sven Boss-Walker, SVP 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. This investment further expands our biofuels portfolio, as we transition to become an integrated energy company.”
