ReFuels fourth quarter 2024: Strong underlying growth in Bio-CNG volumes and truck pipeline underpinning further expansion

31 May 2024: ReFuels N.V. (ticker: REFL) ("ReFuels"), one of Europe's leading suppliers of renewable biomethane (Bio-CNG) for the decarbonisation of heavy goods vehicles, today releases its interim report and presentation for the fourth quarter of 2024.

Key events in the period:
• 12,869 tonnes of renewable biomethane (Bio-CNG) dispensed in the quarter, up 47% compared to the same period last year
• Annualised EBITDA run-rate across the station portfolio was GBP 7 million in March, run-rate expected to increase to more than GBP 1 million per month by end of FY 2024/25
• Signs of higher demand in the biodiesel sector supportive for renewable transport fuel certificates (RTFCs)
• First private station on a Waitrose distribution centre opened and one new grid-connected station operational from May
• Five attractive sites ready to be developed, increasing the capacity to 13,000 vehicles and 440,000 tonnes Bio-CNG per year
• Progressed discussions with Foresight Group about acquiring the remaining part of the station portfolio and considering various financing alternatives

"Bio-CNG volumes continue to increase as ReFuels opens new stations across the UK, enabling fleet operators to significantly reduce carbon emissions. We expect further growth due to a rapidly increasing number of trucks, currently a backlog of 960 trucks and several unconfirmed order, and our next five stations will expand the capacity to 13,000 vehicles and 440,000 tonnes Bio-CNG per year, adding economies of scale and operational leverage. We are also progressing the discussions with our joint venture partner Foresight Group about acquiring the remaining part of the station portfolio to significantly simplify the company structure," said Philip Fjeld, CEO and co-founder of ReFuels.

ReFuels will present its fourth quarter 2024 results during a webcast at 10:00 CEST today. The presentation will be held by CEO Philip Fjeld and CFO Baden Gowrie-Smith. Please join the webcast via the following link:

A recorded version of the presentation will also be available after the webcast is concluded.

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For further information, please contact:
Philip Fjeld, CEO ReFuels N.V.
Tel: +44 7976 159 833

Baden Gowrie-Smith, MD & CFO, Refuels N.V.
Tel.:+44 7768 007 009

About ReFuels
ReFuels is decarbonising Europe's truck fleet by developing, owning, and operating green station infrastructure. We are rolling out a network of reliable and convenient stations offering renewable biomethane fuels to heavy goods vehicles, with hydrogen and electricity to be added. By the end of 2026, the target is to have 30-40 stations across the UK, while the long-term ambition is to become Europe's leading integrated supplier of alternative fuels for commercial fleets. For further information please visit (

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