Total acquires Europe's 3rd largest natgas fuel supplier

Total has agreed to buy Dutch natural gas vehicle fuel supplier PitPoint BV from Bencis Capital Partners. Official transfer is expected to take place in late June, according to a company release.

PitPoint is the third largest provider of natural gas fuel vehicle in Europe with a network of around 100 filling stations and investments in biogas, hydrogen, and electric vehicle charging points for road and maritime transport. It has been expanding in several European countries such as the Netherlands, Belgium, and Germany.

“Following the acquisition of Lampiris in 2016, this acquisition is part of Total’s strategy to expand its low-carbon businesses, notably through the development of natural gas in which the Group is a global leader. Unlocking gas demand with new usages for transport is central to our integrated strategy of expanding along the natural gas value chain,” said Patrick Pouyanné, Chairman and Chief Executive Officer of Total.

It plans to expand its network to 350 filling stations by 2022 making it market leader in natural gas vehicle fuel in Europe.

“PitPoint has become a unique actor in the market of clean fuels in the last few years, with ambitious international plans for growth,” said Erik Kemink, CEO of PitPoint. “Ambitious plans ask for an ambitious shareholder who can support the plans and the international expansion. In Total Group we found a partner who can help us with that.”

PitPoint will continue to operate independently under the same name maintaining the same management, staff, and conditions of contracts.