Refuels N.v. · OSL:REFL
Refuels — Investor Presentation (October 2023)
22 slides from Refuels's investor presentation, October 2023
Slide 1: Company presentation October 2023
Company presentation October 2023
Slide 2: Disclaimer
Disclaimer 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 JURISDICTION WHERE SUCH
Slide 3: ReFuels in brief
ReFuels in brief • An integrated supplier of alternative fuels with a growing network of refueling stations, supported by a blue-chip customer base • Offering biomethane (Bio-CNG), the fast-track option for net-zero trucks with 90% lower emissions compared to diesel • Targeting 30-40 stations in the
Slide 4: A vertically integrated supplier of Bio-CNG
A vertically integrated supplier of Bio-CNG External parties ReFuels-linked External parties Producer Aggregator Retailer Customer Biomethane Renewable CNG producers and Transport Fuels Fuels traders Services (RTFS) Produces/sells Facilitates the supply of Refuels sits at the center of Sells biometh
Slide 5: Strong growth in dispensed volume driven by new stations and increased customer adoption
Strong growth in dispensed volume driven by new stations and increased customer adoption 4,000,000 3,500,000 74% growth in dispensed volumes from Q1 ’23 to Q1 ‘24 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 - apr.16 feb.17 des.17 okt.18 aug.19 jun.20 apr.21 feb.22 des.22 Monthly dispen
Slide 6: Key figures - 12-month performance
Key figures - 12-month performance Dispensed volume Average no. of trucks daily Customer fleets Confirmed customer vehicles (tonnes) on order (expected in service within 12 months) 128 1,367 10,430 +74% +69% +68% 5,993 809 76 ~900 Q1’23 Q1’24 Q1’23 Q1’24 Q1’23 Q1’24 Q1’24
Slide 7: Heavy goods vehicles are a large contributor to the growing global emissions problem
Heavy goods vehicles are a large contributor to the growing global emissions problem +60% Heavy Goods Vehicles account for 1% of the UK road transport fleet… … but intensive use means they make up 5% of UK traffic… … and a massive 18% of all transport greenhouse gas emissions in the UK. 1990 1994 19
Slide 8: Shift to Bio-CNG implies a need for ~170 stations by 2030 in the UK
Shift to Bio-CNG implies a need for ~170 stations by 2030 in the UK Number of HGVs >18t in UK (‘000) 254.5 ~5,400 p.a. 246.0 244.1 243.9 240.8 ~1,350 ~2,300 51,000–89,000 234.7 Total market (CNG HGVs)2 June 2023 226.1 Current fleet 2024 Expected fleet in 12 months1 2030 estimate Total market for CNG
Slide 9: Biomethane is a fast-track and the most cost-competitive solution for fleets to decarbonise
Biomethane is a fast-track and the most cost- competitive solution for fleets to decarbonise Bio-CNG emissions benefits (gCO2 / km)1 Average cost savings compared to diesel2 Net -7% -83% negative 1,052 50% 979 40% 29.5% 30% 20% 184 10% 0% jun.16 jun.17 jun.18 jun.19 jun.20 jun.21 jun.22 jun.23 des.1
Slide 10: CNG trucks are proven and widely available
CNG trucks are proven and widely available 10
Slide 11: A typical Bio-CNG station
A typical Bio-CNG station Gas inlet Bio-CNG Bio-CNG compressor dispensers High pressure storage 8 minutes to fill a 80 trucks per hour tank with 400+ in capacity miles range 11
Slide 12: Cash payback for new stations of ~5 years
Cash payback for new stations of ~5 years CAPEX for new stations Illustrative P&L build-up at steady-state utilisation Station revenues (GBP ~4.3m) GBP ~6m GBP ~2.7m to build, assuming a capacity in EBITDA per station at of approx. 500 trucks steady-state utilisation, excl. RTFCs Station COGS (GBP ~
Slide 13: More than 300% growth in medium and long-term Bio-CNG station pipeline
More than 300% growth1 in medium and long-term Bio-CNG station pipeline Substanital selection of sites in late-stage development Early-stage Late-stage In-build or Opportunities In operation development development under contract Once sites have been The complete CNG Fuels carries out Applications a
Slide 14: Ambition to become Europe's leading integrated supplier of alternative fuels for commercial fleets
Q1 Ambition to become Europe's leading integrated supplier of alternative fuels for commercial fleets Long-term: European expansion End-2026: and multi-fuel 2014-2023: Ramp-up to enable Leading first mass adaption mover position 100 30-40 Number of stations 12 Capacity (number of trucks) 6,000 16,50
Slide 15: Key investment highlights
Key investment highlights Biomethane is the fast-track option • Heavy goods vehicles account for 1% of UK road transport, but 18% of sector GHG emissions1 for net-zero trucks • Through renewable biomethane (Bio-CNG), emissions can be reduced by more than 90%2 Leading position and roll-out plan • Mar
Slide 16: For further information please visit refuels.com
For further information please visit refuels.com
Slide 17: Sustainable Aviation Fuel (SAF) set to drive demand for biodiesel
Sustainable Aviation Fuel (SAF) set to drive demand for biodiesel EU targets for share of SAF in jet fuel Output from 1000 kg waste-based Used SAF Cooking Oil (UCO) feedstock Fossil-based fuels 100% 90% 80% 37% 70% 60% 50% 98% 610 kg 1040 kg 40% 30% 63% 20% 10% More than 1 million tonnes of SAF is 0
Slide 18: Robust market-based certificate system
Robust market-based certificate system Renewable Transport Fuel Certificates (RTFC) generation and trading process in the UK Selling and buying of RTFCs Award RTFCs for renewable fuels Pay buy-out price if insufficient produced (at fuel duty point) obligatory renewable fuels sold Renewable fuel Obli
Slide 19: Clear cost advantages for customers
Clear cost advantages Illustrative Total Cost of Ownership (TCO) over a 5-year period for customers GBP ~70,000 in cost savings • Historical annual fuel cost savings of £15k+ AdBlue compared to diesel Maintenance • Typical vehicle upfront CAPEX premium of £20k to Capex 25k, with OEM pricing becoming
Slide 20: Blue-chip customer base supporting roll-out of new stations across the UK
Blue-chip customer base supporting roll-out of new stations across the UK Sample Customers Amazon CNG HGV roll-out Amazon fleet at CNG Fuels site • CNG Fuels introduced Amazon’s first 4 ‘pilot’ CNG-fuelled vehicles in early 2021 • Amazon run these vehicles with Amazon Freight Partners (AFP), smaller
Slide 21: CNG Fuels' infrastructure is ready for a multi-fuel future
CNG Fuels’ infrastructure is ready for a multi-fuel future • Mass-adoption now taking place CNG stations are well-placed to serve a • Suitable for all HGV requirements Biomethane • Infrastructure being further rolled out future hydrogen market using three • CNG Fuels stations being used common distr
Slide 22: Experienced team with incentives to succeed
Experienced team with incentives to succeed Philip Fjeld – CEO, Board of Directors Peter Eaton – Sales & Business Development Director • 20 years of experience in the gas industry • Seven years experience at Halewood International • Founded FLEX LNG in 2006, listed the company & raised over • Variou