EMEA News
FinCo Fuel Group Takes Majority Stake in Biofuel Producer GoodFuels
Downstream energy supplier FinCo Fuel Group has acquired a majority stake in GoodNRG, the holding company of Rotterdam-based biofuels firm GoodFuels, the companies said Monday.
"The acquisition will enable GoodFuels to tap into the complimentary sourcing, supply management and logistics expertise of the wider FinCo Fuel Group," the companies said in a joint press release.
"Both parties expect to contribute to a further reduction of CO2 and to accelerate the energy transition with more impact."
Last year Swedish furniture retailer Ikea and container line CMA CGM jointly launched a trial of biofuel bunkers produced by Goodfuels, and have since reported a "positive result" in testing their viability.
FinCo Fuel Group also owns Licorne Fuel, which is also involved in marine biofuels supply as well as trading in the Northwest European middle distillates market.
