BP has snapped up a major stake in the UK’s largest provider of low-emission hydrogenated vegetable oil (HVO) fuels as it looks to accelerate the transition away diesel usage in transport.
The British energy giant has taken a 30 per cent stake in Green Biofuels, and will now work with the firm to spur growth of HVO use by businesses across the construction, eight, off-road, and marine industries, bosses said today.
Sven Boss-Walker, SVP refining & products trading at BP said the investment expands BP’s biofuels portfolio and helps it shift towards becoming an integrated energy company.
“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,” he said.
“We look forward to supporting their continuing growth and working together on these immediately available alternatives.”
HVOs produced by firms like Green Biofuels can be used as a direct replacement for diesel and help drive down greenhouse emissions from diesel engines by 87 per cent.
The investment is the latest in a string of biofuel investment for BP and follows the firm taking a stake in Gasrec in December, the UK’s largest dual provider of bio-liquified natural gas and bio-compressed natural gas to the heavy goods vehicles industry.