VAROPreem

What VAROPreem does

VAROPreem is a Swiss-domiciled, privately held integrated energy company formed in January 2026 through VARO Energy's acquisition of Preem AB, combining the predecessor's downstream fuel supply chain across North West Europe with Preem's Swedish refining operations. The company operates a "twin-engine strategy" with Engine 1 (conventional refining and marketing of diesel, gasoline, heating oil, fuel oil, aviation fuel, bitumen, and LPG) and Engine 2 (sustainable energies including HVO100 renewable diesel, Sustainable Aviation Fuel, biogas/biomethane, e-mobility charging, green hydrogen, and nature-based carbon removals), each contributing roughly half of earnings. Its asset base comprises six manufacturing hubs (Cressier in Switzerland, Bayernoil at 51.4% in Germany, Gothenburg, Lysekil, and two additional sites) and 120+ terminals spanning Sweden, Norway, the Netherlands, Belgium, Germany, Switzerland, and France, supported by marine bunkering operations at Rotterdam, Hamburg, Bremerhaven, and Kiel, a retail station network, and a 24,000+ point EV charging footprint acquired via elexon and Road/E-Flux.

The business model is predominantly transactional and volume-based: bulk fuel and renewable fuel sales, wholesale distribution, marine bunkering, and retail fuel margins, complemented by a subscription-style e-mobility software business (Road) and fee-based carbon removal brokerage (SilviCarbon). Pricing is quote-based B2B with no public disclosure. Core technology centres on co-processing renewable feedstocks in existing refinery units (Synsat at Lysekil delivering 900,000 m³ of renewable capacity; GHT at Gothenburg producing ISCC-certified HVO100) and the planned $600 million Rotterdam SAF facility with Gunvor (targeting 7% of the EU's 2030 SAF mandate). Ownership rests with The Carlyle Group (66.66%) and Vitol (33.33%); the company is executing a $3.5 billion investment programme with two-thirds committed to sustainable energies and targeting $1 billion in earnings by 2026, financed in part by a $3.33 billion oversubscribed debt round in July 2023.

VAROPreem serves road transport (commercial fleets, passenger vehicles), marine/shipping, aviation, and industrial customers across Europe. Marquee enterprise customers include Höegh Autoliners, Port of Rotterdam, DHL Group, BMW Group, Shell, Unifeeder, the Dutch Ministry of Defence, and Lufthansa, alongside long-tail retail and commercial fuel customers. The integrated value chain — from feedstock sourcing (including raw tall diesel from Sunpine and forestry residues via SilviCarbon) through refining, storage, blending, and last-mile distribution — combined with regulatory wins (Swedish aviation fuel tax reform effective July 2026) and the only Nordic Swan eco-labelled HVO100 in the Nordics, positions the company as a scaled transition platform rather than a pure-play refiner.

Name

VAROPreem

Legal name

VAROPreem AG

Website

https://varopreem.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

VAROPreem is a Swiss-domiciled, privately held integrated energy company operating six refineries, 120+ terminals, and an EV charging network across seven European countries, serving road, marine, aviation, and industrial customers through a twin-engine strategy spanning conventional and renewable fuels (HVO100, SAF, biogas, hydrogen).

Ownership category

akta.pro rank

Product category

Fuel Refining and Distribution

NAICS

Petroleum Refineries (32411), Petroleum Bulk Stations and Terminals (424710), Petroleum Refineries (324110), Petroleum and Coal Products Manufacturing (324), Industrial Gas Manufacturing (32512), Petrochemical Manufacturing (32511)

SIC

Petroleum Refining (2911), Wholesale-Petroleum Bulk Stations & Terminals (5171), Industrial Organic Chemicals (2860), Natural Gas Distribution (4924)

akta.pro primary industry

Renewable Diesel (HVO/HEFA) Production (EUAAAHAD)

akta.pro secondary industries

CO₂‑Derived Synthetic Fuels for Aviation & Marine (SAF e‑fuels, e‑ammonia/e‑methanol bunkering pathways) (EUABAIAH), Alternative Low-Carbon Marine Fuels Bunkering (Methanol, Biofuels, Ammonia, Hydrogen) (TLAHAKAC), Renewable Natural Gas (RNG) & Biomethane Trading (EUAGAGAI), Convenience Retail & Foodservice at Forecourts (C-Store/QSR) (EUALAIAE), Conventional Marine Fuel Bunkering (HFO/VLSFO/MGO/ULSFO) (TLAHAKAA)

Keywords

• Fuel refining services
• Renewable diesel production
• Marine bunkering services
• Sustainable aviation fuel
• Energy infrastructure operations

Headquarters

HQ city

Cham

HQ country

Switzerland

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Conventional fuels refining and distribution: VAROPreem refines, stores and distributes conventional oil products including diesel, gasoline, heating oil, fuel oil, aviation fuel, bitumen, and LPG through its integrated network of refineries and terminals across Europe.
2. Renewable fuels and biofuels: Production and sale of HVO100 (hydrotreated vegetable oil), Sustainable Aviation Fuel (SAF), and other renewable fuels. The company operates renewable diesel production facilities in Gothenburg and Lysekil, targeting road transport, maritime, and aviation sectors seeking decarbonisation solutions.
3. Biogas and biomethane: Production and trading of biogas/biomethane through facilities including Coevorden biogas facility (expanded to 450 GWh capacity) and biomethane certificates for sustainability compliance.
4. E-mobility solutions: Through acquisitions including elexon and majority stake in Road (E-Flux), VAROPreem provides commercial vehicle charging infrastructure and software solutions, offering integrated fleet charging services.
5. Marine bunkering: Supply of marine fuels including VLSFO (very low sulphur fuel oil), HVO100, and biofuel blends to maritime customers at ports including Rotterdam, Hamburg, Bremerhaven, and Kiel.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

VAROPreem refines conventional petroleum products and produces renewable fuels (HVO100 renewable diesel, Sustainable Aviation Fuel, biogas/biomethane) for road, marine, aviation, and industrial customers across North West Europe. The company operates an integrated downstream value chain with six manufacturing hubs and more than 120 terminals managing every molecule from sourcing and trading to manufacturing, blending, and distribution. It also offers marine bunkering, EV charging infrastructure and software, and nature-based carbon removals.

Product overview

VAROPreem is a leading energy company combining industrial scale with innovation through an integrated value chain. The company operates a twin-engine strategy: Engine 1 covers conventional energies (refining, storage, distribution, and marketing of diesel, gasoline, heating oil, fuel oil, aviation fuel, bitumen, and LPG), while Engine 2 focuses on sustainable energies (renewable fuels including Preem Redefine HVO100 and VARO Renewable Diesel, SAF, biogas/biomethane, e-mobility solutions via Road and elexon, green hydrogen, and nature-based carbon removals via SilviCarbon). The portfolio includes six manufacturing hubs, 120+ terminals, and logistics assets across Europe. Approximately 50% of earnings come from the sustainable energies business.

Differentiator

Problem solved

Functional benefit

Brands

• Preem Redefine HVO100: Renewable diesel with Nordic Swan eco-label, produced from residues from paper pulp production and food industries, delivering at least 90% reduction in fossil CO₂ emissions
• Preem Evolution Diesel
• Preem Evolution Gasoline
• VARO Renewable Diesel
• VARO Charging
• Road (formerly E-Flux)
• REINPLUS FIWADO

Products and services

• Preem Redefine HVO100 A Nordic Swan eco-labelled 100% renewable diesel (HVO - hydrotreated vegetable oil) produced from residues of paper pulp production and food industries. Delivers at least 90% reduction in fossil CO2 emissions compared to fossil diesel. Manufactured at the Gothenburg facility and sold in Norway and Sweden.
• VARO Renewable Diesel (HVO100) 100% Hydrotreated Vegetable Oil (HVO100) renewable diesel sold under the VARO brand in Germany, Switzerland, and Sweden. A drop-in fuel that can be blended with conventional diesel and reduces CO2 emissions by up to 90%.
• Sustainable Aviation Fuel (SAF) Sustainable Aviation Fuel produced through co-processing at the Lysekil refinery using the Synsat unit, with a planned major new $600 million SAF manufacturing facility in Rotterdam (Gunvor 50% co-investment) targeting up to 7% of the EU's 2030 SAF mandate.
• Biogas and Biomethane Biogas and biomethane produced at the Coevorden facility (expanded from 300 GWh to 450 GWh capacity) and traded across Europe. Includes biomethane certificates and Proof of Sustainability (PoS) trading for sustainability compliance.
• Conventional Fuels (Diesel, Gasoline, Heating Oil, Fuel Oil, Aviation Fuel, Bitumen, LPG) Traditional petroleum products refined from crude oil at VAROPreem's refineries, including diesel, gasoline, heating oil for homes, fuel oil for ships, aviation fuel, bitumen for road construction, and LPG. Part of Engine 1 (conventional energies) of the twin-engine strategy.
• Terminal Storage and Distribution Services Storage and logistics services across an extensive European terminal network (including German terminals in Braunschweig, Dortmund, Duisburg, Düsseldorf, Frankfurt, and other locations), supporting distribution of conventional fuels and renewable products.
• e-Mobility Solutions (Road and elexon) Electric vehicle charging infrastructure and software for commercial vehicle fleets. Includes Road (formerly E-Flux) software platform for EV charging and elexon for hardware deployment with over 24,000 charging points at 900+ locations. Customers include DHL Group.
• Marine Bunkering Supply of marine fuels including VLSFO (Very Low Sulphur Fuel Oil), HVO100, and B30 biofuel blends to shipping customers at major European ports including Rotterdam, Hamburg, Bremerhaven, and Kiel, delivered via state-of-the-art supply barges.
• Carbon Removals (SilviCarbon) Nature-based carbon dioxide removal (CDR) solutions through SilviCarbon, a majority-owned subsidiary specialising in forestry and agro-forestry carbon removal projects across 35,000 ha of eucalyptus plantations in Laos and other regions.

Quantifiable outcome

• At least 90% reduction in fossil CO₂ emissions with HVO100 compared to fossil diesel
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• SunpineminorStrategic or Co-development Partner · 18 February 2026VAROPreem acquired Södra's 25% ownership stake in Sunpine AB along with co-shareholders Sveaskog AB and Lawter B.V. Sunpine produces raw tall diesel from forestry residues.
• Orim EnergycoreStrategic or Co-development Partner · 21 February 2024Strategic alliance to decarbonise Europe's largest maritime shipping hub ARA (Amsterdam-Rotterdam-Antwerp). VARO provides biofuel supply expertise while Orim provides blending and bunkering facilities. Partnership targets IMO GHG emission reduction compliance and growing B30 biofuel demand.
• Höegh AutolinerscoreStrategic or Co-development Partner · 20 December 2023Strategic partnership for sustainable shipping where VARO supplies Höegh Autoliners with 100% advanced biofuels for deep-sea transportation, reducing GHG emissions by 85% vs conventional maritime fuels. Höegh Autoliners is a Customer Lighthouse and strategic partner for VARO's decarbonisation journey.
• elexoncoreTechnology or Integration · 28 November 2023Acquisition of 100% of elexon GmbH, a leading EV charging infrastructure provider with over 24,000 charging points at 900+ locations. Creates end-to-end e-Mobility solution combined with Road (E-Flux) software business.
• E-Flux (Road)coreTechnology or Integration · 6 October 2021VARO acquired 49.5% stake in E-Flux, a Dutch technology company providing software for electric vehicle charging. Later increased stake and rebranded as Road for e-Mobility solutions.
• Stora EnsominorStrategic or Co-development Partner · 8 July 2021SilviCarbon (51% owned by VARO) acquired Stora Enso's plantation operations in Laos, taking over 35,000 ha of eucalyptus plantation for carbon removal projects.
• SilviCarbonminorStrategic or Co-development Partner · 5 July 2021VARO acquired 51% stake in SilviCarbon, a global leader in nature-based Carbon Dioxide Removals (CDRs), to offer comprehensive carbon reduction solutions to customers.
• Transhydrogen AllianceminorStrategic or Co-development Partner · 23 March 2021Partnership with Proton Ventures, Trammo DMCC, and Port of Rotterdam to bring green ammonia to European market via Rotterdam. Initial project targets up to 500,000 tonnes green hydrogen per year.
• Port of RotterdamcoreStrategic or Co-development PartnerLong-standing partnership where since 2018, the Port of Rotterdam uses VARO's HVO100 for its service fleet. Partnership exemplifies commitment to help customers decarbonise and reach net zero at Europe's largest port.
• GPS GroupminorStrategic or Co-development PartnerStrategic partnership for storage and logistics at Port of Amsterdam. GPS developed rail handling system and ethanol storage facilities for VARO, extending relationship from initial 134,000 m³ Class 1 storage.
• LufthansaminorStrategic or Co-development PartnerCustomer Lighthouse partnership to ramp up the market for Sustainable Aviation Fuel (SAF).
• Groupe EminorStrategic or Co-development PartnerPartnership resulting in building Switzerland's largest ground-mounted solar facility at VARO's manufacturing hub in Cressier.

Scale indicators10 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Eni: Italian integrated energy company with refining in Italy and significant biofuel investments including the Gela bio-refinery and Venice HVO/SAF projects. Closely comparable in strategy of converting existing refinery assets to renewable fuels.
• Shell: Global integrated energy major with significant European refining, retail, marine bunkering and biofuel businesses (including HVO/SAF at Pernis and elsewhere). Direct overlap in road fuels, marine fuels and renewable diesel; also a noted VAROPreem HVO100 customer.
• Repsol: Spanish integrated energy company with European refining (Cartagena, Tarragona) and a meaningful renewable fuels strategy including HVO and advanced biofuels at the Cartagena complex. Comparable in combining refining scale with renewable fuel ramp.
• TotalEnergies: Integrated supermajor with European refining, retail, marine bunkering and growing biofuel/SAF portfolio. Overlaps with VAROPreem across conventional refining, biofuels, retail networks and marine fuel supply at ports including Rotterdam and Le Havre.
• BP: Global integrated major with European refining (Lingen, Castellón) and growing biofuel production capacity; previously a co-shareholder in Bayernoil refinery with VARO. Comparable in retail, marine fuels and renewable diesel positioning.
• Phillips 66: US-headquartered refiner with European refining exposure (including HVO co-processing at Humber) and growing SAF investments. Comparable in large-scale refining, co-processing technology adoption and renewable fuels investment thesis.

Others

• Vitol: World's largest independent energy trader, 33.33% owner of VARO/Preem and a long-standing VARO investor. Comparable as both a strategic shareholder and as an adjacent ecosystem participant in European oil trading and bunker fuel supply chains.

Direct peers

• Neste: Finnish global leader in renewable diesel (HVO/HEFA), SAF and renewable feedstock refining. Most direct competitor to VAROPreem's renewable diesel and SAF business and the benchmark for European renewable fuel scale.
• Gunvor Group: Global energy trader and refinery owner with European refining and biofuel trading, and a 50% partner with VAROPreem in the $600M Rotterdam SAF project. Closely comparable in trading-led downstream business and renewable fuel infrastructure investments.

Emerging players

• St1 Nordic: Nordic refining and renewable fuels company with HVO/SAF production in Finland and Sweden. Direct overlap with VAROPreem in Nordic renewable diesel and bunkering, though smaller in scale and Nordic-focused.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/varopreem

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries10 records

Funding overview

Funding rounds2 records

Investors11 records

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

M&A4 records

Investments3 records

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

Frequently asked questions about VAROPreem