Biomethane supplier ReFuels plans listing on Euronext Growth Oslo

ReFuels NV, a biomethane supplier and operator of a UK-wide network of public-access refuelling infrastructure under the brand CNG Fuels, announced on Friday its intention to have its shares admitted to trading on Euronext Growth Oslo.

ReFuels is a Dutch firm that was formed earlier this year through the merger of CNG Fuels with European biomethane supplier RTFS. According to its website, the enlarged company has 10 operational stations that refuel trucks on UK roads, including eight owned jointly with Foresight Group, and seven sites to be built this year. It says it supplies customers such as Amazon, DHL and Royal Mail with waste-derived renewable biomethane, referred to as bio-CNG, that is distributed through the natural gas pipeline grid.

“Biomethane is the fast-track option for enabling net-zero trucking, and the market is driven by a strong European governmental push to decrease transport-related greenhouse gas emissions. [...] Our network of stations and proximity to major fleet operators enable us to rapidly expand our station footprint and adapt to a low-carbon multi-fuel future offering, initially based on biomethane, and later including hydrogen and electricity,” commented Philip Fjeld, CEO and co-founder of ReFuels.

By listing on Euronext Growth Oslo, the company seeks to widen its investor base and bolster the platform in pursuit of its target to have 30-40 stations in operation in the UK towards end-2025. For the fiscal year through March 2022, ReFuels has reported a consolidated group operating profit of GBP 2.5 million (USD 3.1m/EUR 2.8m) on a turnover of GBP 83.8 million.

The company said that earlier this month it successfully completed a private placement of NOK 46.6 million (USD 4.4m/EUR 4m) at NOK 24.84 per share. For each allocated share, the investors are getting three warrants, each of which provides the right to subscribe for one new share at the same price. These warrants will not be admitted to trading on the bourse, it stressed.

ReFuels expects to start trading on Euronext Growth Oslo on or about May 12, 2023.

(GBP 1.0 = USD 1.247/EUR 1.132)

(NOK 10 = USD 0.939/EUR 0.852)

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