ReFuels third quarter 2024: Extending market leadership with increased Bio-CNG station coverage and scale effects

29 February 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 third quarter of 2024.

Key events in the period:
• 12,582 tonnes of Bio-CNG dispensed in the quarter, up 54% compared to the same period last year and a 65% increase from 2022 to 2023
• Nearly 1,000 trucks confirmed for delivery in 2024 and introduction of larger CNG trucks (6x2) unlocks the preferred vehicle class of UK fleets
• 4% of the ~22,000 new +32 tonnes trucks expected in 2024 is estimated to be CNG vehicles captive to ReFuels’ network
• Five highly attractive sites next in line to be developed with an average capacity of 25,000 tonnes per year, taking the capacity to more than 13,000 vehicles per day and 440,000 tonnes Bio-CNG per year including the current two stations in-build
• Progress in securing long-term station development funding and is considering various financing alternatives, which may include a restructuring of station ownership with ReFuels assuming full control of the CNG Foresight portfolio

“The mass adoption of Bio-CNG is driven by fuel cost savings and fleet owners’ net-zero ambitions. In addition, we see a strong network effect as we expand our station coverage to make it even easier to switch from diesel. ReFuels is solidifying its market leadership where our first-mover advantage in CNG stations provides a multi-year lead which we are extending with our ongoing station roll-out, securing of new sites and ability to scale operations. We are well positioned to execute on our growth strategy and create long-term value from station operations with upside potential from a normalisation of the renewable transport certificates market,” said Philip Fjeld, CEO and co-founder of ReFuels.

ReFuels will present its third 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-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 (

This information has been submitted pursuant to the Securities Trading Act § 5-12 and MAR Article 19 no. 3. The information was submitted for publication at 2024-02-29 07:00 CET.