Reference is made to the third quarter FY2024 financial reporting dated 29 February 2024, and that ReFuels N.V. ("ReFuels" or the "Company"), one of Europe's leading suppliers of renewable biomethane (Bio-CNG) for the decarbonisation of heavy goods vehicles, is considering various financing alternatives concerning the long-term station development funding.
ReFuels has progressed discussions with its joint venture partner, investment funds managed by Foresight Group, about acquiring the remaining part of the station portfolio, comprising 12 of ReFuels' 13 stations in operation and two stations in-build across the UK. Assuming full control of the existing station infrastructure and associated cash flows will significantly simplify ReFuels company structure.
To support the strategic initiative, ReFuels is currently exploring the possibility of raising approx. GBP 150 million (equivalent) of funding through a combination of equity and debt issuance. This is anticipated carried out as a private placement of equity as well as debt facility/bond of up to 50% of the capital requirement.
The Company is also progressing 5 attractive higher-capacity station locations expected to be ready for construction, increasing the total capacity to more than 13,000 HGVs and 440,000 tonnes Bio-CNG per year. The mid-term target is to have 30-40 stations across the UK.
ReFuels has mandated Arctic Securities AS and Pareto Securities AS as managers (the “Managers”) to assist and advise the Company in connection with the potential equity and debt capital placements. Additionally, Longspur Capital Ltd has been retained as a selling agent for the potential equity placement. The timing, structure and size of any fundraising will be subject to, inter alia, prevailing market conditions and necessary corporate resolutions, and no assurance can be given that the Company will carry out any fundraising and/or the acquisition of the station portfolio.
In connection with the fundraising process, ReFuels has published an updated company presentation. The presentation is attached to this release and is also available on the Company's investor webpage. More information about the potential transactions will be published in due course if and when appropriate.
For further information, please contact:
Philip Fjeld, CEO ReFuels N.V.
Tel: +44 7976 159 833
E-mail: Philip.Fjeld@refuels.com
About ReFuels
ReFuels is decarbonizing 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. In the mid-term, 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 www.refuels.com (http://www.refuels.com./).
