ReFuels N.V., one of Europe’s leading suppliers of renewable biomethane (Bio-CNG) for the decarbonisation of heavy goods vehicles (HGVs), has announced that its subsidiary CNG Fuels has secured a £25 million five-year debt facility from funds managed by Foresight Group.
The funding, combined with cash flow from operations, will finance the construction of three new high-capacity Bio-CNG refuelling stations as part of ReFuels’ strategy to double its 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 this new debt facility,” said Philip Fjeld, CEO and co-founder of ReFuels. “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.”
Confirmed sites for the new stations include Magor in South Wales and Swindon in South-West England.
Once operational, the facilities will expand CNG Fuels’ network capacity to more than 12,500 HGVs per day.
The additional infrastructure is also expected to unlock new truck orders from both existing and prospective customers, particularly for the new generation of larger 6×2 gas-powered vehicles.
CNG Fuels, which is 40% owned by ReFuels, plans to build at least nine high-capacity refuelling stations over the next three years, supported by a growing fleet of Mobile Refuelling Units (MRUs).
Together, these will increase total network capacity to more than 20,000 HGVs per day by the end of 2028. The company expects the full roll-out to be funded through operational cash flow and the new debt facility.
CNG Fuels operates the UK’s largest public-access Bio-CNG network, integrating renewable fuel supply with refuelling infrastructure to help fleets decarbonise at scale.
Currently, around 2,100 HGVs use the network, with more than 900 additional vehicles expected to join in the next 12 months.
By the end of 2028, CNG Fuels aims to reach an annual dispensing capacity of more than 780 million kilograms of biomethane - equivalent to saving around 2 million tonnes of CO₂ emissions per year compared with diesel.
The agreement with Foresight Group, which already holds a shareholding in CNG Fuels, follows a competitive market process.
The facility offers a 9.5% fixed interest rate and flexible prepayment terms, providing an attractive, cost-effective financing solution while maintaining flexibility for future lower-cost funding opportunities.
