Refuels N.v. · OSL:REFL
Refuels — Investor Presentation (May 2023)
24 slides from Refuels's investor presentation, May 2023
Slide 1: Company Presentation May 2023
Company Presentation May 2023
Slide 2: Disclaimer – Important Notice
DISCLAIMER – IMPORTANT NOTICE 2 THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR TO ANY RESIDENT THEREOF, OR ANY JUR
Slide 3: ReFuels is decarbonizing Europe's truck fleet
REFUELS IS DECARBONIZING EUROPE’S TRUCK FLEET 3 Global emissions Transport is a major contributor Our green station network is the problem to emissions, but unevenly split optimal solution +60% Heavy Goods Vehicles account Our brand CNG Fuels offers for 1% of the UK road transport biomethane to UK’s
Slide 4: Exceptional volume growth of 55% last twelve months
EXCEPTIONAL VOLUME GROWTH OF 55% LAST TWELVE 4 MONTHS Monthly dispensed volume (kg) 3 500 000 ~3,183,000 kg dispensed in March 2023, equivalent to approx. 103,000 kg per day 3 000 000 2 500 000 2 000 000 1 500 000 1 000 000 500 000 - 16 17 18 19 20 21 22 16 17 17 18 18 19 19 20 20 21 21 22 22 23 16
Slide 5: Investment highlights
INVESTMENT HIGHLIGHTS 5 Fast-track option Green station Strong volume Expanding the Low-carbon multi- Industrial stamp for net-zero trucks infrastructure growth each month station footprint fuel future of approval Through 100% A leading integrated Strong blue-chip The target is to have Stations can
Slide 6: Management team with proven track record
MANAGEMENT TEAM WITH PROVEN TRACK RECORD 6 Philip Fjeld – Chief Executive Officer, Board of Directors • 20 years of experience in the gas industry • Founded FLEX LNG in 2006, listed the company & raised over $600m in equity Baden Gowrie-Smith – Chief Financial Officer, Board of Directors • Investmen
Slide 7: Introducing ReFuels
01 02 03 04 05 Introducing Market Our business Financial Long-term ReFuels overview case overview targets 3 7 11 16 20 7
Slide 8: Market for bio-CNG driven by emissions targets
MARKET FOR BIO-CNG DRIVEN BY EMISSIONS TARGETS 8 Government decarbonization mandate Bio-CNG emissions benefits (gCO2 / km) Binding commitment to reach net-zero emissions Net -7% -83% The UK has committed to a legally binding target of net-zero negative emissions by 2050 1 052 979 Transport is the la
Slide 9: Underlying market growth and rapid conversion
UNDERLYING MARKET GROWTH AND RAPID CONVERSION 9 Licensed HGVs >18t in UK (‘000) Projected uptake (adoption) of gas HGVs larger than 18t in the UK Average growth Current customers fleet Expected market ~5,400 p.a. 254,5 246,0 244,1 243,9 240,8 51,000 – 89,000 234,7 1,275 ~2,200 Total market (CNG HGVs
Slide 10: All the largest truck manufacturers are offering CNG-fueled trucks
ALL THE LARGEST TRUCK MANUFACTURERS ARE OFFERING 10 CNG-FUELED TRUCKS Source: CNG Fuels
Slide 11: Our business overview
01 02 03 04 05 Introducing Market Our business Financial Long-term ReFuels overview case overview targets 3 7 11 16 20 11
Slide 12: Offering vertically integrated bio-CNG fueling solutions
OFFERING VERTICALLY INTEGRATED BIO-CNG FUELING 12 SOLUTIONS End-to-end control unlocking value from certificates ReFuels-linked External parties Producer Aggregator Retailer Customer Biomethane Renewable CNG producers and Transport Fuels Foresight traders Services (RTFS) Facilitates the supply of Se
Slide 13: Clear cost advantage for customers
CLEAR COST ADVANTAGE FOR CUSTOMERS 13 Highlights for customers Illustrative TCO over a 5-year period 01 Historical annual fuel cost savings of £15k+ compared to diesel GBP ~70,000 in cost savings AdBlue Historical vehicle upfront capex premium of £20k to 25k, with 02 OEM pricing becoming more compet
Slide 14: Roll-out plan in place for the UK
ROLL-OUT PLAN IN PLACE FOR THE UK 14 Network and development highlights (UK) CNG Fuels planned roll-out map (UK) • CNGF has a concrete roadmap to rolling out additional Operational stations in the UK in the mid-term and long-term. • 10 sites are already operational. Pipeline In-Build • Largest footp
Slide 15: Gaining customer traction
GAINING CUSTOMER TRACTION 15 Sample customers Amazon CNG HGV roll-out Amazon fleet at CNG Fuels site CNG Fuels began engaging with Amazon towards the end of 2020 and introduced their first 4 ‘pilot’ vehicles to the road in early 2021 Amazon run these vehicles with what they call ‘AFP’s’ or Amazon Fr
Slide 16: Financial case
01 02 03 04 05 Introducing Market Our business Financial Long-term ReFuels overview case overview targets 3 7 11 16 20 16
Slide 17: CNG Fuels statistics to date
CNG FUELS STATISTICS TO DATE 17 37x ~103,000 kg ~3,000 kg Jan 2017 – Mar 2023 Jan-15 Jan-20 Jan-25 102,679 kg p.d. 10 stations 76 employees 1,275 trucks 290,000+ tons of biomethane fuels in operation today, with working full-time at using CNG Fuels’ of greenhouse gases dispensed per day in funding o
Slide 18: Robust market-based certificate system
ROBUST MARKET-BASED CERTIFICATE SYSTEM 18 Renewable Transport Fuel Certificates (RTFC) generation and trading process in the UK CNG Fuels capitalizes on Selling and buying of RTFCs receiving RTFCs Award RTFCs for renewable fuels Pay buy-out price if insufficient produced (at fuel duty point) obligat
Slide 19: Estimated P&L build-up at steady state
ESTIMATED P&L BUILD-UP AT STEADY STATE 19 Station economics at steady state production (P&L basis excl. RTFCs) Illustrative P&L build-up (GBPm) 30-40 • Wholesale gas: GBP ~5.3m p.a. per station (flow-through to COGS) stations1 Revenues operational • Compression margin: GBP ~4.3m p.a. per station by
Slide 20: Long-term targets
01 02 03 04 05 Introducing Market Our business Financial Long-term ReFuels overview case overview targets 3 7 11 16 20 20
Slide 21: Built profitable and leading position in the UK
BUILT PROFITABLE AND LEADING POSITION IN THE UK 21 Pipeline & opportunities In-build Operational Broader vision Ambition to have 100 operational stations in the UK and to expand station footprint into Europe Mid-term target Tangible pipeline of April 2023 achieving 30–40 sites in First mover advanta
Slide 22: CNGF infrastructure ready for a multi-fuel future
CNGF INFRASTRUCTURE READY FOR A MULTI-FUEL FUTURE 22 • Early adoption phase CNG stations are well-placed to serve a Biomethane • Suitable for HGV requirements future hydrogen market using three • Infrastructure being further rolled out common distribution pathways: • CNGF stations being used Onsite
Slide 23: Summary
SUMMARY 23 Fast-track option Green station Strong volume Expanding the Low-carbon multi- Industrial stamp for net-zero trucks infrastructure growth each month station footprint fuel future of approval Source: CNG Fuels
Slide 24: For more information visit refuels.com
For more information visit refuels.com