bp buys 30% stake in the UK's largest provider of HVO fuels

bp has acquired a 30 percent stake in Green Biofuels Ltd (GBF), the UK’s largest provider of hydrogenated vegetable oil (HVO), the British energy giant said on Thursday.

By using HVO fuels, diesel engine operators typically save lifecycle greenhouse gas emissions by 87 percent and improve local air quality.

bp’s investment will support GBF’s growth as it works with businesses looking to transition away from using traditional diesel fuel in their assets, such as transport vehicles, temporary generators and construction machinery, the company said in a statement.

The investment will also expand bp’s global biofuels portfolio and its lower carbon solutions for UK customers, in line with its strategic aim of growing its bioenergy businesses as it transitions to become an integrated energy company, the company said.

GBF’s products are made from renewable feedstocks such as vegetable oils, animal oils and fat. The product range includes HVO Gd+, a low emission advanced HVO fuel that can be used as a direct drop-in replacement for diesel.

In-field and controlled environment independent tests have shown that compared to standard diesel emissions, HVO Gd+ achieves up to 85 percent reductions of particulates and up to 30 percent reductions of nitrogen oxides emissions.