ReFuels is decarbonising the UK’s truck fleet with biomethane filling stations and is positioned in the sweet spot of the value chain where it monetises on green certificates. Currently, it serves above 1,400 heavy-duty trucks running on biomethane in the UK, a figure which based on the observed order book is expected to grow to 2,300 in the next 12 months. We expect EBITDA of GBP 10m for the financial year 2025 (starting in April '24), which implies ~14x EV/EBITDA, declining to ~5x for the FY 2 ....
