BP acquires 30% stake in UK renewable diesel provider

BP has acquired a 30 percent stake in Green Biofuels Ltd., the U.K.’s largest provider of hydrogenated vegetable oil (HVO), also known as renewable diesel. Green Biofuels’ products are made from renewable feedstocks such as vegetable oils and animal fats. The product range includes HVO Gd+, a low emission advanced HVO fuel that can be used as a direct drop-in replacement for diesel.

BP’s investment will support Green Biofuels’ growth as it works with businesses looking to transition away from using traditional diesel fuel in their assets, such as transport vehicles, temporary generators and construction machinery. The investment in Green Biofuels will expand BP’s global biofuels portfolio and its lower carbon solutions for U.K. customers, in line with its strategic aim of growing its bioenergy businesses as it transitions to become an integrated energy company.

Founded in 2013, Green Biofuels is the U.K.’s largest provider of HVO, having delivered more than 55 million liters (14.5 million gallons) of HVO products to the U.K. market over the past two years.

“We look forward to supporting [Green Biofuels’] continuing growth and working together on these immediately available alternatives,” said Sven Boss-Walker, senior vice president of refining and products-trading at BP. “This investment further expands our biofuels portfolio, as we transition to become an integrated energy company.”

William Tebbit, CEO of Green Biofuels, said, “Our mission is to support the net zero energy transition by providing an immediate solution that makes a difference to carbon and air pollution emissions today. Our fuels provide businesses the time to transition to new technologies when they are proven both economically and operationally. We are proud to be partnering with a company like BP, which recognizes the urgency of making positive changes now.”