French energy company Total acquired Europe's third-largest provider of natural gas vehicle fuel, PitPoint B.V., to boost growth in its natural gas vehicle fuel sector in Europe, the company announced on Wednesday.
The acquisition will allow Total to serve trucking and professional transport companies and implement its plans to establish a network of 350 natural gas vehicle fueling stations in Europe by 2022, making Total the leader in natural gas vehicle fuel in Europe, according to the press release said.
PitPoint B.V. is a market-leading integrated independent in alternative fuels with a network of around 100 natural gas fueling stations, the press release said.
The company is also involved in biogas, hydrogen and electric vehicle charging points for road and maritime transport. It has been growing strongly in several European countries such as the Netherlands, Belgium and Germany.
"There is strong development potential for natural gas vehicle fuel in the transport sector. Our aim is to combine PitPoint's technological and commercial expertise acquired over the last ten years with Total's strong retail marketing network and client portfolio." Total's Chairman and CEO, Patrick Pouyanne, said in the press release.
"PitPoint will thus be central to the Marketing & Services segment's ambitions in the natural gas vehicle fuel sector in Europe, in line with the aim of offering our customers clean energy solutions," Pouyanne added.
Total already has a network of 450 natural gas vehicle fueling stations worldwide, including about 100 stations in Europe. The Group markets compressed natural gas (CNG) in France, Germany, the Netherlands, Belgium, Egypt and Pakistan. It opened its first liquefied natural gas (LNG) fueling station in 2015 in Belgium, near the port of Antwerp.
PitPoint B.V. has service stations selling alternative fuels to professional and individual clients in Europe. Through ongoing investment in CNG, biogas, LNG, hydrogen and electric vehicle charging points, "the company is ensuring that transportation and air quality go hand in hand," the press release read.
There are two types of natural gas vehicle fuel -- CNG and LNG. Any vehicle type can use CNG, although it is best suited to city buses and garbage trucks. It offers trucks a range of 300 to 550 kilometers. LNG is suited to long-haul vehicles.
By Muhsin Baris Tiryakioglu