ReFuels teams with Foresight Group funds to create CNG Fuels Ltd

In the UK, ReFuels N.V. 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 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 refuelling capacity to 20,000 HGVs per day by end-2028.

The transaction implies that Foresight will contribute the 15 CNG stations and mobile refuelling equipment to CNGF’s balance sheet. ReFuels will contribute its stake in Renewable Transport Fuel Services Ltd, 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.