ReFuels reports first profitable quarter amid rising Bio-CNG demand

ReFuels, one of Europe’s leading suppliers of renewable biomethane (Bio-CNG) for decarbonising heavy goods vehicles, has announced its first profitable quarter since listing on the stock exchange in May 2023.
The milestone comes on the back of growing Bio-CNG adoption and rising prices for Renewable Transport Fuel Certificates (RTFCs).
In its fourth-quarter results for fiscal year 2025, ReFuels reported a 15% quarter-on-quarter increase in dispensed Bio-CNG volumes and a 20% rise compared to the same period last year.
The company now serves more than 2,000 compressed natural gas (CNG) trucks - accounting for around 10% of the UK’s 4x2 truck fleet - and confirmed its first orders for new 6x2 vehicles, set to significantly expand its addressable market.
At the time of writing, RTFC prices have climbed to 26 pence, marking a 70% year-on-year increase.
With full biomethane sourcing secured for 2025, ReFuels anticipates strong certificate-driven earnings and improved margins in the second half of the year.
Operational expansion also continues, with the opening of the company’s 16th refuelling station in Scotland earlier this month, bringing total network capacity to 10,500 heavy goods vehicles.
A recently completed transaction with Foresight Group has integrated CNG Fuels into a unified clean fuel platform, aligning infrastructure, sourcing and certificate generation under a single equity-funded model.
“Bio-CNG is fast becoming the clean fuel of choice for UK fleet operators due to its lower cost compared to diesel and HVO,” said Philip Fjeld, CEO and co-founder of ReFuels.
“Our first profitable quarter reflects this shift, and the outlook is highly encouraging. The arrival of 6x2 trucks opens a market six times larger than our current 4x2 segment, and rising certificate prices are supporting strong margins. With Foresight, we’re now well-positioned to double our capacity by 2028 and create long-term value as the UK transport sector transitions to renewable biomethane.”