ReFuels has announced that CNG Fuels has entered into a GBP 25 million five-year debt facility with funds managed by the Foresight Group. Together with cash flow from operations, the facility will fund the construction of three new high-capacity Bio-CNG refuelling stations as part of the company’s strategy to double UK-wide dispensing capacity by the end of 2028.
“We are progressing the next milestones in our growth plan backed by rapidly increasing operational cash flows and the new debt facility. This enables us to capitalise on the fast-growing demand for Bio-CNG driven by fleet owners transitioning to 100% renewable biomethane to meet decarbonisation targets while reducing fuel costs,” said Philip Fjeld, CEO and co-founder of ReFuels.
The new stations include confirmed sites at Magor (South Wales) and Swindon (South-West England) and will increase the capacity of CNG Fuels’ network to more than 12,500 HGVs per day. They are further expected to unlock significant future orders from existing and new customers, including strong uptake of the new, larger 6x2 gas-powered trucks.
In total, CNG Fuels (40% owned by ReFuels) plans to build out at least nine high-capacity stations over the next three years, complemented by a fleet of additional Mobile Refuelling Units (MRS), bringing the total capacity to more than 20,000 HGVs by end-2028. The station roll-out towards the end of 2028 will be fully funded through cash flow from operations and the debt facility.
Biomethane delivers 85 - 90% lower CO₂ emissions and ~25% lower costs versus diesel and up to 40% lower cost compared to HVO biodiesel. CNG Fuels’ integrated platform combines access to renewable biomethane with ownership of the UK’s leading public access fuelling infrastructure, enabling decarbonising of fleets at scale. 2,100 HGVs currently refuel through the network, with more than 900 additional trucks expected over the next 12 months.
CNG Fuels has a clear path to reach an annual dispensing capacity of over 780 million kilograms of biomethane by the end of 2028, equivalent to 2 million tonnes of CO₂ savings per year compared to diesel.
The agreement with Foresight, who have an existing shareholding in CNG Fuels, follows a competitive market process. The facility was attractive due to its 9.5% fixed interest rate and flexible prepayment terms, providing a cost-effective solution today and enabling access to lower-cost funding for future developments.
In fact, construcyion has already started on the Magor site.
The new station, owned and operated by CNG Fuels, is strategically located near the M4 motorway, providing direct access to key routes for efficient east–west freight between London, South Wales and the Midlands. The site is close to two international airports, the Port of Newport and home to distribution bases for major operators, including Tesco and AB InBev.
Today, 2,100 HGVs refuel daily at CNG Fuels’ 16 stations. With a fast-growing order book and rapid uptake of the new, larger 6x2 vehicles, Bio-CNG is now being mass-adopted. Renewable biomethane, sourced from food waste and manure, delivers emissions reductions of 90% compared to diesel and ~25% lower fuel cost than diesel and ~40% vs. HVO.
“CNG Fuels will provide biomethane to trucks travelling the M4 corridor, one of the UK’s most important freight routes, at Magor and from a planned site in Swindon. The new stations are part of the plan to expand our clean fuel infrastructure network, doubling the UK-wide dispensing capacity by the end of 2028 to meet increasing demand. This is driven by more fleets switching to 100% renewable and sustainable biomethane to reduce carbon emissions, accelerated by the rapid adoption of the new and larger 6x2 gas-powered trucks opening a much larger market segment,” said Philip Fjeld, CEO and co-founder of ReFuels.
The Magor station will have the capacity to refuel 12 trucks simultaneously when at full utilisation. This enables refuelling of more than 800 trucks per day and the dispensing of more than 30 million kilograms (kg) of Bio-CNG annually.
