With the construction industry increasingly turning to vegetable oil to power its machinery, BP wants a slice of the action – and Green Biofuels needs BP’s backing to scale up and meet demand.
Founded in 2013 by William Tebbit, son of 1980s cabinet minister Norman Tebbit, GBF is reckoned to be the UK’s largest provider of HVO, having delivered more than 55 million litres of HVO products to the UK market over the past two years.
How much BP paid Tebbit, CEO of Green Biofuels, for a 30% stake of his company was not disclosed but it is reported to run into millions of pounds.
Sven Boss-Walker, BP senior vice president refining & products trading, said: “We are delighted to be working with Green Biofuels, who are at the forefront of HVO supply in the UK market, providing their customers with solutions to help them take steps to decarbonise 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.”
William Tebbit said: “Our mission is to support the net zero energy transition by providing an immediate solution that makes a difference to carbon and air pollution emissions today. Our fuels provide businesses the time to transition to new technologies when they are proven both economically and operationally. We are proud to be partnering with a company like bp, which recognises the urgency of making positive changes now.”