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BP buys stake in green fuel company

Energy company BP, the maker of industrial lubricants like the Castrol Aircol range of compressor oil, has acquired a stake of 30% in the UK’s largest producer of hydrogenated vegetable oil for use as fuel.

Green Biofuels Ltd (GBF) uses fat, vegetable oils and animal oils, often from waste, as a renewable feedstock to produce diesel alternatives with lower lifecycle carbon emissions and reduced particulates. Its HVO Gd+ fuel can be used as a drop-in replacement for conventional diesel without any engine modifications. In addition to reducing lifecycle greenhouse gas emissions by 87%, independent tests have revealed that particulates are reduced by 85%, and nitrogen oxide emissions are 30% lower.

BP Senior Vice President for Refining and Products, Sven Boss-Walker, expressed the company’s delight at engaging with GBF, which he said was a pioneer in the UK’s supply of HVO, with it:

“Providing their customers with solutions to help them take steps to decarbonize today. We look forward to supporting their continuing growth and working together on these immediately available alternatives. This investment further expands our biofuels portfolio, as we transition to become an integrated energy company.”

GBF was founded in 2013, and in the last two years, it has brought to the UK market some 55 million litres of HVO products. Its Gd+ product has the lowest emissions of any alternative to diesel currently available, and with no costly modifications needed, it represents a bridging technology while new, even cleaner technologies and fuels are developed and matured.

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