bp has acquired a 30% stake in Green Biofuels Ltd (GBF), the UK’s largest provider of hydrogenated vegetable oil (HVO). 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 advanced HVO fuel that can be used as a direct drop-in replacement for diesel.
bp’s investment will support GBF’s growth as it works with businesses looking to transition away from using traditional diesel fuel in their assets, such as transport vehicles, temporary generators and construction machinery. The investment in GBF will expand bp’s global biofuels portfolio and its lower carbon solutions for UK customers, in line with its strategic aim of growing its bioenergy businesses as it transitions to become an integrated energy company.
Founded in 2013, GBF is the UK’s largest provider of HVO, having delivered over 55 million l of HVO products to the UK market over the past two years. HVO Gd+, which includes GBF’s additives, can be used in diesel engines without the need for modifications or capital expenditure. HVOs have the potential to play an important part in supporting life cycle emission reductions in many sectors, providing a commercially viable decarbonisation option for fleet owners, construction companies and vessel operators as HVOs are a drop-in replacement fuel.
By using HVO fuels, operators of diesel engines typically save life cycle greenhouse gas emissions by 87% and additionally improve local air quality. In-field and controlled environment 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.
This investment is another example of bp’s work to help decarbonise hard-to-abate sectors. In December 2021, bp announced it had taken a stake in Gasrec – the UK’s largest dual provider of bio-LNG and bio-compressed natural gas (CNG) to the heavy goods vehicles industry.
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/03022022/bp-acquires-stake-in-provider-of-low-emission-hydrogenated-vegetable-oil-fuels/
You might also like
ADNOC has announced that it has formally closed the acquisition of a 24.9% shareholding in OMV AG (OMV), a global energy and chemicals group.