ReFuels first quarter 2024: Continued high growth and expanding station network

Key events in the period:

• 10,430 tonnes of renewable Bio-CNG dispensed across CNG Fuels’ operating stations from April to June, corresponding to a year-over-year growth of 74%
• 1,367 heavy goods vehicles (HGVs) used the stations measured as a three-month rolling average, compared to 809 vehicles for the three-month period ending June 2022, a 69% increase.
• 128 unique customer fleets actively refuelling across the network at the end of June 2023 versus 76 at the end of June 2022
• 39.635 million Renewable Transport Fuel Certificates (RTFCs) were generated, a 74% annual increase reflecting 100% of the gas sold being approved as renewable Bio-CNG; RTFC prices affected by dislocations caused by increased biodiesel and feedstock supply from China impacted profitability
• Opening of the 11th and 12th Bio-CNG refuelling stations in June and July, increasing the group’s refuelling capacity for high mileage HGVs to over 6,000 vehicles per day
• Creating a vertically integrated supplier of Bio-CNG through the acquisition of a majority stake in the biomethane sourcing and supply business Renewable Transport Fuel Service (RTFS)
• Acquisition of CNG Fuels’ operated refuelling station in Newark through the CNG Foresight joint venture
• Successful private placement of NOK 53.2 million followed by a listing on Euronext Growth Oslo in May 2023

“This has been a transformational quarter for ReFuels. After the acquisition of Renewable Transport Fuel Service (RTFS) in April 2023, we are one of Europe’s largest vertically integrated suppliers of 100% renewable biomethane, unlocking value throughout the value chain including from certificates. Further, we have opened our 11th Bio-CNG refuelling station, reinforcing our market-leading position in the UK and making it even easier for operators of heavy goods vehicles to transition to a low-carbon future. In May, ReFuels listed on Euronext Growth Oslo to strengthen the platform for financing our roll-out plan of 30-40 stations by end-2026,” said Philip Fjeld, CEO and co-founder of ReFuels.

ReFuels will present its first quarter 2024 results during a webcast at 10:00 CEST today. The presentation will be held by CEO Philip Fjeld and CFO Baden Gowrie-Smith. Please join the webcast via the following link: https://forms.office.com/e/dtkQY4ytN9h

A recorded version of the presentation will also be available after the webcast is concluded.

To receive ReFuels' stock exchange and press releases via email, subscribe at refuels.com/investors.

For further information, please contact:
Philip Fjeld, CEO ReFuels N.V.
Tel: +44 7976 159 833
E-mail: [email protected]

Baden Gowrie-Smith, MD & CFO, Refuels N.V.
Tel.:+44 7768 007 009
E-mail: [email protected]

About ReFuels
ReFuels is decarbonising Europe's truck fleet by developing, owning, and operating green station infrastructure. We are rolling out a network of reliable and convenient stations offering renewable biomethane fuels to heavy goods vehicles, with hydrogen and electricity to be added. By the end of 2026, the target is to have 30-40 stations across the UK, while the long-term ambition is to become Europe's leading integrated supplier of alternative fuels for commercial fleets. For further information please visit www.refuels.com.