Netherlands-based fuel supplier Finco Fuel has announced the acquisition of a majority stake in GoodNRG, the holding company renewable fuels pioneer GoodFuels, to expand its network.
Finco Fuel believes the acquisition will enable the company to tap into the complimentary sourcing, supply management and logistics expertise of the wider FinCo Fuel Group.
“With this acquisition, FinCo Fuel Group is sending a clear signal about our ambition and commitment towards supporting the sustainable mobility transition,” said Pieter Peeters, CEO, FinCo Fuel Nederland
“GoodFuels has led the sustainable fuel market for shipping and is an important pioneer across other transportation sectors. Their approach is based on working with customers in a refreshing way for the fuels market. With our strengths and deep network we can further support the GoodFuels brand with its continued evolution,” Peeters added.
GoodFuels’ product is a direct drop-in replacement for heavy fuel oil, containing no sulphur and 90% less carbon when compared to traditional fossil-based fuels such as heavy fuel oil. The biofuels are suitable for every type of vessel, without requiring any modifications to engine room equipment.
In the past year, a number of European companies including IKEA Transport & Logistics Services, CMA CGM, Boskalis, Jumbo Shipping, started trials of Goodfuel’s biofuel product.
“In FinCo Fuel Group we find a partner who will support us in maintaining and growing our position in this vital market and who understands and respects our impact driven sustainable DNA. The need for positive, progressive and proven sustainability solutions has never been greater across these sectors, which must now strive for full decarbonisation. Together with FinCo, we can fulfil our joint mission and realise a cleaner, greener transportation sector,” said Dirk Kronemeijer, CEO of GoodFuels.
