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SIMEC expands biofuel power venture with acquisition of Fleetsolve

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GFG Alliance company SIMEC has acquired UK-based Fleetsolve, as part of its plans to deploy biodiesel generators.

Fleetsolve has experience developing, operating and maintaining biofuel-powered combined heat and power (CHP) generation equipment.

Under the terms of the deal, SIMEC will take full ownership of Fleetsolve, as well as its sister company Fuelsolve. The company will now launch a nationwide campaign to identify customers who will benefit from carbon-neutral energy, coupled with the resilience of onsite power or CHP generation.

Combining SIMEC’s portfolio of compact containerised generators with Fleetsolve’s expertise, the CHP units range from 250kW to 18MW and can operate continuously, delivering clean and reliable power for industrial and commercial customers.

SIMEC plans to target end-of-life waste oils and residues for biofuel feedstock. The company’s fuels will all be ISCC-certified (International Sustainability Carbon Certification). As part of the agreement, Fuelsolve will manage the supply and logistics of the biofuels required to power the generators.

“Biofuel CHP generators are ideal for large energy users such as data centres, manufacturers, public buildings, hospitals, transport hubs and district heating schemes and large retail stores,” said Jay Hambro, GFG’s chief investment officer and SIMEC’s CEO. “These compact modular generators only require a small footprint and they can deliver not only resilience but also significant carbon reductions.

“We’re delighted to welcome Fleetsolve to the group. It’s an entrepreneurial business which brings industry-leading expertise and capability in developing new sources of biofuel generation.”

Keith O’Connor, CEO of Fleetsolve and Fuelsolve, added: “We are delighted to be joining SIMEC and to be part of its vision and commitment to a sustainable future.  Combining Fleetsolve’s cutting-edge technology and fuels with SIMEC’s commercial success and global presence, the new venture will revolutionise the current low-carbon CHP model.

“New and existing clients will be able to achieve their low-carbon energy needs while benefitting from a different utility model of a Power Purchase Agreement.

“The ability to pay on a pence per kilowatt (megawatt) basis together with 17 years’ experience of significant renewable energy successes will assure customers our proposition is not only well-established and innovative but financially attractive and resilient.”