ABN AMRO Sustainable Impact Fund exits OG Clean Fuels

Bridging the “missing middle”

In line with ABN AMRO’s climate strategy, ABN AMRO SIF aims to invest growth equity in high-growth sustainable companies in a relatively early phase. This phase is often referred to as the ‘missing middle’, a critical funding gap before infrastructure capital backs large-scale deployment, presenting both a barrier for decarbonisation as well as an investment opportunity.

By onboarding Pioneer as a new shareholder, OG will be able capture further growth and create more sustainable impact. Pioneer’s vision over the next five years is for OG to invest over € 150 million to continue the company’s journey to becoming a multi-fuel decarbonisation solutions provider for large logistics and transport companies as well as heavy goods fleet operators.

Accelerating clean mobility in Europe

Founded in 2008, OG started as a supplier of biomethane (“bio-CNG”) for passenger cars and vans in the Netherlands. Over time, OG’s strategy has evolved to target the heavy duty vehicles market, including providing on-depot filling stations with volumes secured under long-term offtake contracts. OG currently operates and has under construction nearly 30 on-depot stations that provide bio-CNG refuelling for heavy goods vehicles, with customers including DHL and EDEKA in Germany and major bus companies in Sweden.

OG currently has more than 300 filling station locations that offer bio-CNG, bio-LNG, electric vehicle charging, hydrogen and liquid biofuels across Germany, the Netherlands, Sweden and Italy. OG purchases biomethane, green power and green hydrogen and sells these clean fuels to road transport users.

"Our journey with OG Clean Fuels began with the ambition to establish a leading player in Northwest Europe. Not only has the company achieved this goal, it has also intensified its focus on the heavy-duty vehicle segment, where it can have the greatest impact," said Thijs Nijland of ABN AMRO Sustainable Impact Fund. "

ABN AMRO Sustainable Impact Fund supporting international growth

In 2018, the ABN AMRO Sustainable Impact Fund became majority shareholder in OG alongside OG’s management and Meewind, supporting the company’s expansion and international growth. With SIF’s support and substantial growth capital investments, the company has successfully executed strategic acquisitions and expanded organically. During SIF’s investment period, OG experienced impressive growth. Its organisation grew from a Dutch operation with around 14 FTEs to an international and highly profitable company with about 70 FTEs.

Marcel Borger, CEO and Founder of OG Clean Fuels, remarked: “ABN AMRO SIF’s entry in December 2018 marked the beginning of OG Clean Fuels’ accelerated growth across Europe, driving positive impact on clean mobility. Through this collaboration, we have become a leading player in the clean fuels sector. Over the past six years, ABN AMRO SIF has been a true partner, standing alongside us and prioritising the company’s interests. Their support has played a key role in our expansion beyond the Netherlands into Germany, Sweden and Italy.”

Jefferies acted as exclusive financial adviser to OG Clean Fuels, ABN AMRO Sustainable Impact Fund and Meewind.