Bio-CNG supplier ReFuels has said it wants to “unlock … truck order plans that are being held back by a lack of Bio-CNG refuelling infrastructure” and as a consequence it will narrow its development focus to “timely delivery of the most important sites”. It expects to raise £25 million by the end of the year so it can double capacity to 20,000 HGVs by the end of 2028.
The company said its network “covers most of the UK’s major arterial routes” with 16 stations now in operation, and new stations will be sited to support customers’ decarbonisation plans. It expects plans to build out at least nine high-capacity stations by the end of 2028, and an additional fleet of mobile refuelling stations (MRSs), will be fully funded through cash flow from operations and the external debt. The debt raising process “is underway and expected to be concluded in the second half of the calendar year 2025.”
CNG Fuels is introducing dual-pressure as standard on all future MRSs to increase capacity in preparation for 6x2 truck roll-out with a potential to retrofit existing MRS. It believes 10% of 4x2 trucks are CNG-powered, but 4x2 vehicles represent just 14% of the total UK truck fleet. It said that Iveco and Scania have recently released factory-made CNG versions of 44t 6x2 truck, which make up 86% of the market, “and this new offering is increasing the number of truck orders”.
It also announced an increase in customer contracts: at the end of April 2025 CNG Fuels had 172 unique customer fleets refuelling across the network, compared to 153 a year earlier. Dispensed volumes of Bio-CNG were up 15% compared to the previous quarter and 20% year on year
In a market update following soon after a restructuring and refinancing with Foresight was completed in April, the company celebrated its first quarter of profitability since it was listed in 2023. Consolidated revenue was £46.2m for the quarter to 31 March 2025, up 68% from the previous year, and profit for the period was £3m, compared with a £11.4m loss in the period in 2024. For the full year 2025, revenue was £153.7m, up 42% from the previous year. It made a loss of £17.1m, compared with a £21m loss in FY2024.
