ReFuels has positioned itself as the market leader in biomethane refuelling with 12 operational bio-CNG stations in the UK and a pipeline of further stations to develop. The company is poised to capitalise on the increasing urgency to decarbonise heavy transport in an historically hard to abate sector. ReFuels is aiming to increase its station count to 30-40 stations by 2025-26 to support the growing numbers of CNG HGVs in the UK and is expected to benefit from a tightening biodiesel market, supporting one of its key revenue streams. We initiate coverage with a central case valuation of NOK 129.
