BP has acquired a 30 per cent stake in the one of the largest producers of hydrogenated vegetable oil (HVO), as part of a drive to replace traditional diesel fuel with more sustainable alternatives.
Green Biofuels (GBF), which has produced more than 55 million litres of HVO products over the last two years, currently produces renewable feedstocks including animal oils, vegetable oil, fat and HVO Gd+, a low-emission biofuel that can be used as a direct replacement for diesel.
Biofuels are created with renewable resources such as plants. There are two main biofuels: bioethanol and biodiesel. Both are man-made and emit less carbon when burned than conventional fossil fuels.
BP says its intention is to support the decarbonisation of construction, freight, off-road and marine industries, rather than everyday automotive applications.
Petrol and diesel fuels can contain a certain percentage of biofuel. E10 petrol contains 10% ethanol, while E5 petrol contains 5% ethanol. B7 diesel contains 7% biodiesel.
BP’s investment in Green Biofuels comes shortly after it announced that it had taken a stake in Gasrec, the biggest bio liquified natural gas (Bio-LNG) and bio compressed natural gas (Bio-CNG) company in the UK’s heavy goods vehicle sector.
“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.
“HVOs have the potential to play an important part in supporting lifecycle emission reductions in many sectors, providing a commercially viable decarbonisation option for fleet owners, construction companies and vessel operators, as HVOs are a drop-in replacement fuel.”
Extracted in full from: BP buys into renewable biofuel for diesel applications – Automotive Daily (autodaily.com.au)