British multinational oil and gas company BP has acquired a 30% stake in UK hydrotreated vegetable oil (HVO) provider Green Biofuels (GBF), BP announced on 3 February.
GBF’s products are made from renewable feedstocks such as vegetable oils, animal oils and fat and its range includes HVO Gd+, a low emission advanced HVO fuel that can be used in diesel engines without the need for modifications.
BP said the investment in GBF would expand its global biofuels portfolio and its lower carbon solutions for UK customers.
“This investment further expands our biofuels portfolio, as we transition to become an integrated energy company,” Sven Boss Walker, senior vice president (refining & products trading) at BP, said.
BP has set out a plan to be a net zero company by 2050 or earlier.
Founded in 2013, GBF has delivered over 55M litres of HVO products to the UK market over the past two years, according to the statement.