BP has announced that it has agreed to acquire Archaea Energy, a leading producer of renewable natural gas (RNG) in the US, as a part of a move towards expansion and accelerating growth of its strategic bioenergy business.
BP expects investment into its energy (?) transition growth businesses to reach more than 40% of its total annual capital expenditure by 2025, aiming to grow this to 50% by 2030.
Archaea operates 50 RNG and landfill gas-to-energy facilities across the US. BP’s agreement to buy Archaea will build upon the company’s existing biogas business, whilst maintaining financial discipline.
