bp completed the acquisition of Archaea Energy Inc., a leading provider of renewable natural gas (RNG), marking a significant step forward in expanding bp’s strategic bioenergy business.
bp announced in October that it had agreed to buy Archaea, subject to regulatory and Archaea shareholder approval. With those approvals and the transaction completed, Archaea strengthens bp’s presence in the US biogas industry, moving the company closer to its goal of reducing the average lifecycle carbon intensity of the energy products it sells.
Bioenergy is one of five strategic transition growth engines that bp plans to expand rapidly over the next decade. bp expects investment in transition growth businesses to account for more than 40% of total annual capital expenditure by 2025 and to increase this to around 50% by 2030.
“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.”
Dave Lawler, chairman and president bp America.
