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ReFuels (REFL) investor relations material
ReFuels Pareto Securities' 32nd Annual Energy Conference Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Market opportunity and emissions impact
Heavy goods vehicles (HGVs) represent only 1% of the UK road fleet but account for 17% of UK transport greenhouse gas emissions, highlighting a significant decarbonisation opportunity.
Current CNG Fuels customers represent about 10% of the UK's 4x2 truck fleet, with the 6x2 segment offering a sixfold market expansion potential.
Clean fuel technology and competitive positioning
Biomethane (Bio-CNG) offers 25-40% lower fuel costs and 80-90% lower GHG emissions compared to diesel, with vast untapped feedstocks across Europe.
Hydrogen and electric solutions are not expected to be cost-competitive or scalable for HGVs before 2040, while Bio-CNG is already fully commercial and scalable.
Business model and financial performance
The platform operates with two revenue streams: margins on dispensed biomethane volumes and the sale of renewable transport fuel certificates (RTFCs).
CNG Fuels is currently cash generative, with FY 2025 revenues of £134m and EBITDA of £6.7m, and guidance for £8-10m EBITDA in FY 2026.
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