“We are progressing the next milestones in our growth plan backed by rapidly increasing operational cash flows and the new debt facility. This enables us to capitalise on the fast-growing demand for Bio-CNG driven by fleet owners transitioning to 100% renewable biomethane to meet decarbonisation targets while reducing fuel costs,” said Philip Fjeld, CEO and co-founder of ReFuels.
The new stations include confirmed sites at Magor (South Wales) and Swindon (South-West England) and will increase the capacity of CNG Fuels’ network to more than 12,500 HGVs per day. They are further expected to unlock significant future orders from existing and new customers, including strong uptake of the new, larger 6×2 gas-powered trucks.
In total, CNG Fuels (40% owned by ReFuels) plans to build out at least nine high-capacity stations over the next three years, complemented by a fleet of additional Mobile Refuelling Units (MRS), bringing the total capacity to more than 20,000 HGVs by end-2028. The station roll-out towards the end of 2028 will be fully funded through cash flow from operations and the debt facility.
Biomethane delivers 85 – 90% lower CO₂ emissions and ~25% lower costs versus diesel and up to 40% lower cost compared to HVO biodiesel. CNG Fuels’ integrated platform combines access to renewable biomethane with ownership of the UK’s leading public access fuelling infrastructure, enabling decarbonising of fleets at scale. 2,100 HGVs currently refuel through the network, with more than 900 additional trucks expected over the next 12 months.
CNG Fuels has a clear path to reach an annual dispensing capacity of over 780 million kilograms of biomethane by the end of 2028, equivalent to 2 million tonnes of CO₂ savings per year compared to diesel.
The agreement with Foresight, who have an existing shareholding in CNG Fuels, follows a competitive market process. The facility was attractive due to its 9.5% fixed interest rate and flexible prepayment terms, providing a cost-effective solution today and enabling access to lower-cost funding for future developments.
Webcast
CEO Philip Fjeld and CFO Baden Gowrie-Smith will host a live webcast on 27 October 2025 at 10:00 CET. Please join the webcast via the following link: https://investorcast.live/webcastdetail?id=68fae49cae4e2eae28a67bc6
CEO Philip Fjeld and CFO Baden Gowrie-Smith will host a live webcast on 27 October 2025 at 10:00 CET. Please join the webcast via the following link: https://investorcast.live/webcastdetail?id=68fae49cae4e2eae28a67bc6
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