Energy giant, bp has announced it has completed its purchase of leading provider of renewable natural gas, Archaea Energy. This marks a milestone in the growth of bp’s strategic bioenergy business.
In October, bp announced it had agreed to acquire Archaea. This purchase expands bp’s presence in the US biogas industry, enhancing its ability to support customers’ decarbonisation goals and progressing its aim to reduce the average lifecycle carbon intensity of the energy products it sells.
Dave Lawler, chairman and president bp America says: ‘We see enormous opportunity to grow our bioenergy business by bringing Archaea fully into bp. The talent, expertise and passion of their team has let them achieve incredible growth so far, and we’re excited to support the next chapter in line with our strategy.’
Bioenergy is one of five strategic transition growth engines that bp intends to grow rapidly through this decade. bp expects investment into its transition growth businesses to reach more than 40% of its total annual capital expenditure by 2025, aiming to grow this to around 50% by 2030.
