Turquoise advises Gasrec on milestone fundraising deal

22 Feb 2022 | Admin

Turquoise is delighted to have advised Gasrec, the UK’s largest dual provider of bio-Liquified Natural Gas (LNG) and bio-Compressed Natural Gas (CNG) to road transport, on a fundraising deal that led to bp acquiring a 28.57% stake in the business.

As part of the new agreement, bp will supply Gasrec with renewable biomethane produced mainly from organic wastes. The investment will help Gasrec to expand its operations by increasing its refueling station network at logistics parks nationwide.

Founded in 2003, Gasrec was the UK’s first supplier of biomethane to the road transport sector. Its customers include some of the UK’s biggest retailers, parcel delivery companies and hauliers, including Asda, Ocado, Gregory Distribution and Reed Boardall. A lower carbon solution for the HGV sector, Gasrec’s network of ten biomethane stations across the UK is capable of refueling 1,250 vehicles per day. 

Rob Wood, CEO of Gasrec, commented: “This agreement is an important milestone for our company as we look to continue increasing our impact on the UK’s heavy goods vehicle industry. Building on our 18 years’ experience and leading position in the HGV gas supply industry, we are excited to be working with bp to help expand our reach.”

Francis Wright, Managing Director of Turquoise, commented: “With this transaction Gasrec has secured a strong partner and reliable long-term supply of biomethane for its customers. We look forward to seeing the expansion of biomethane availability to truck fleets across the UK.”

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