ReFuels

What ReFuels does

ReFuels N.V. is a Dutch public limited company listed on Euronext Growth Oslo under the ticker REFL, headquartered in The Hague with operational offices in London. The group operates through its 40%-owned subsidiary CNG Fuels Ltd and its wholly-owned RTFS subsidiary to supply 100% renewable biomethane (Bio-CNG) and refuelling infrastructure to commercial heavy goods vehicle (HGV) fleets in the UK, holding approximately 95% market share of UK CNG truck refuelling.

The company's core product is Bio-CNG, a compressed biomethane derived from food waste and manure that delivers 85-90% lower CO2 emissions and 30-40% lower fuel costs versus diesel. Bio-CNG is delivered through two complementary distribution channels: a network of 16 fixed Public Access Bio-CNG stations strategically located on UK motorway corridors (with 100% availability and simultaneous refuelling for up to 12 HGVs at newer stations), and 10 trailer-based Mobile Refuelling Stations (MRS) deployed at customer distribution centres that can be commissioned within hours. A secondary revenue stream is generated through Renewable Transport Fuel Certificates (RTFCs), awarded at 3.8 certificates per kg of Bio-CNG dispensed under the UK RTFO scheme and sold to obligated fuel suppliers.

ReFuels operates an enterprise field-sales GTM motion targeting UK commercial transport fleet operators and major retailers. As of May 2026, the network refuels approximately 2,250+ trucks daily, with volumes up 7-10% year-over-year. CNG Fuels reported FY2026 EBITDA of GBP 14.2 million (more than doubled versus FY2025) with FY2027 adjusted EBITDA guidance of GBP 16-20 million. The named customer base spans 11+ major UK enterprises including M&S, Tesco, Morrisons, Waitrose, Aldi, Lidl, Amazon, DHL, John Lewis, Warburtons, and Home Bargains. The company is targeting 20,000 HGVs/day capacity and 780 million kg of annual biomethane dispensing by 2028, supported by active station construction (Magor, Swindon), a 2026 GBP 25 million debt facility, and a long-term Foresight Environmental Infrastructure co-investment partnership.

Name

ReFuels

Legal name

ReFuels N.V.

Website

https://refuels.com

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

ReFuels N.V. is a Dutch public company operating through its 40%-owned CNG Fuels subsidiary to supply 100% renewable biomethane (Bio-CNG) and refuelling infrastructure to commercial HGV fleets in the UK, serving major retailers and logistics operators via 16 public stations and 10 mobile refuelling units.

Ownership category

akta.pro rank

Product category

Renewable Fuel Infrastructure

NAICS

Natural Gas Distribution (2212)

SIC

Natural Gas Transmisison & Distribution (4923), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

RNG Liquefaction & Compression (Bio-LNG, Bio-CNG) (EUAAAEAF)

akta.pro secondary industries

Renewable Natural Gas (RNG) & Biomethane Trading (EUAGAGAI), Biofuels & Renewable Fuels Switching (Biomethane/RNG, Bio-oils, Sustainable Biomass) (EUABAJAD), Manure & Organic Residuals Feedstock Supply (Farm Organics for AD/RNG) (EUAAAFAK)

Keywords

• Renewable biomethane fuel
• Commercial fleet refuelling
• Heavy goods vehicle fuel
• Alternative fuel infrastructure
• Clean transport energy

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Bio-CNG Fuel Sales: Sale of 100% renewable biomethane (Bio-CNG) to commercial fleet operators through public access stations and mobile refuelling stations. Revenue is volume-based, generated from dispensed fuel quantities. The company has achieved EBITDA positivity with FY2026 EBITDA of GBP 14.2 million.
2. Renewable Transport Fuel Certificates (RTFCs): Revenue from Renewable Transport Fuel Certificates awarded at 3.8 certificates per kg of Bio-CNG dispensed, sold to fuel suppliers with blending obligations under UK's RTFO scheme. Forward sales at 25-26 pence per certificate provide margin visibility.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

ReFuels supplies 100% renewable biomethane (Bio-CNG) fuel to commercial heavy goods vehicle operators through two infrastructure channels: 16 fixed public access refuelling stations across the UK and 10 trailer-based Mobile Refuelling Stations deployed at customer distribution centres. The company sources biomethane from food waste and manure feedstocks via its subsidiary RTFS, and generates additional revenue from Renewable Transport Fuel Certificates (RTFCs) awarded under the UK RTFO scheme.

Product overview

ReFuels operates a fully integrated clean fuel infrastructure platform combining sourcing of renewable biomethane (Bio-CNG), Renewable Transport Fuel Certificates (RTFCs), and ownership and operation of the UK's largest clean fuel station network. The core product is Bio-CNG fuel (compressed biomethane derived from food waste and manure), which is delivered through two complementary delivery mechanisms: a network of 16 fixed Public Access Stations strategically located on UK trucking routes, and Mobile Refuelling Stations (MRS) that provide on-site refuelling capabilities at customer distribution centres. The company generates additional revenue through RTFC certificates.

Differentiator

Problem solved

Functional benefit

Products and services

• Bio-CNG (Compressed Biomethane) 100% renewable biomethane fuel sourced from food waste and manure feedstocks for heavy goods vehicles; delivers 85-90% lower CO2 emissions versus diesel with fuel costs 25-40% lower than diesel equivalents. Sold to commercial fleet operators across the UK.
• Public Access Bio-CNG Stations Network of 16 fixed CNG refuelling stations strategically located on UK motorway corridors, available 24/7 with 100% availability. Newer stations support simultaneous refuelling of up to 12 HGVs with combined daily capacity for over 11,500 trucks.
• Mobile Refuelling Stations (MRS) In-house developed trailer-based CNG refuelling solutions that can be commissioned within hours at customer distribution centres, providing flexible refuelling capacity without fixed infrastructure investment. Currently 10 MRS units deployed under long-term agreements with major retailers.
• Renewable Transport Fuel Certificates (RTFCs) Government-issued certificates generated from Bio-CNG dispensing under the UK RTFO scheme. Awarded at 3.8 certificates per kilogram of Bio-CNG dispensed and sold to obligated fuel suppliers, providing a secondary revenue stream and margin visibility through forward sales at 25-26 pence per certificate.

Quantifiable outcome

• 30-40% fuel cost savings vs diesel
• +5 more outcomes

Named customers12 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Scania UKcoreStrategic or Co-development Partner · 23 April 2026Scania UK provides 6x2 CNG trucks as part of fleet partnerships. Partnership with M&S includes collaboration where Scania provides CNG vehicles alongside CNG Fuels' refuelling infrastructure. 26 Scania 6x2 trucks deployed for M&S as part of agreement to expand Bio-CNG fleet to 300+ vehicles.
• Marks & Spencer (M&S)coreChannel Partner/ Reseller/ Distributor · 23 April 2026Long-term agreement for Mobile Refuelling Stations at UK distribution centres supporting M&S fleet expansion to 300+ Bio-CNG trucks by March 2027. M&S operates 210+ Bio-CNG trucks including ~150 Scania 4x2 and 26 Scania 6x2 vehicles.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Gasrec: UK-based supplier of biomethane (Bio-CNG and Bio-LNG) for commercial heavy goods vehicles, operating refuelling infrastructure directly comparable to ReFuels' CNG Fuels subsidiary. The closest direct competitor in the UK HGV Bio-CNG refuelling market.
• Verbio AG: German producer of biomethane, bioethanol and biodiesel, with significant transport-fuel distribution. Comparable in upstream biomethane production and renewable fuel certificate (THG-quote) monetization, serving European commercial fleets.
• Nature Energy: Denmark-based, Europe's largest biomethane producer (acquired by Shell in 2024), supplying RNG to transport and industrial customers. Comparable in upstream biomethane production scale and European transport-sector focus, though owned within a major oil major post-acquisition.

Broad incumbents

• Clean Energy Fuels Corp: US-listed (NASDAQ: CLNE) leader in renewable natural gas (RNG) for transportation, with a public access station network and long-term fleet supply contracts. The North American analogue to ReFuels in business model, though larger and broader in geographic and product scope.
• Shell Mobility: Operates a global network of refuelling stations including CNG and increasingly Bio-CNG/RNG offerings for commercial fleets. Competitor at the infrastructure and fuel-supply level, with significantly greater resources and broader portfolio.
• TotalEnergies: Integrated energy major with growing biomethane production, CNG/LNG refuelling, and renewable fuel certificate trading across Europe. Competitor in fuel supply and increasingly in dedicated low-carbon transport infrastructure.
• BP: Operates a substantial UK and European retail fuel network with growing renewable fuels offering, and is active in biomethane and hydrogen for transport. Competes for fleet customers and increasingly in renewable fuel certificate value chains.
• Air Products and Chemicals: Global industrial gases company with significant biomethane, hydrogen, and renewable energy infrastructure. Adjacent peer given overlap in renewable gas production, refuelling infrastructure expertise, and clean-fuel customer base.

Others

• Scania AB: Truck OEM partner to ReFuels (Scania UK provides 6x2 CNG trucks for M&S and other fleets). Comparable in HGV decarbonization strategy and adjacent in the Bio-CNG value chain — the success of ReFuels' demand is partly a function of Scania's CNG truck roadmap.

Regional players

• CNG Europe: Pan-European CNG refuelling infrastructure and biomethane supply operator focused on Continental Europe. Comparable in business model (CNG refuelling for commercial fleets) but a regional rather than UK-focused competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/refuels-n-v

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ReFuels