BP Successfully Concludes Acquisition of Archaea Energy

Bioenergy BP Successfully Concludes Acquisition of Archaea Energy

2023-01-17 Source: Press release BP 1 min Reading Time

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With an aim to grow its bioenergy business, BP has completed the takeover of Archaea Energy. The move will help the company to strengthen and expand its presence in the US biogas industry.

Bioenergy is one of five strategic transition growth engines that BP intends to grow rapidly through this decade. (Source: BP) — Bioenergy is one of five strategic transition growth engines that BP intends to grow rapidly through this decade.
(Source: BP)

London/UK – BP recently completed its purchase of Archaea Energy, a leading provider of renewable natural gas (RNG), marking a milestone in the growth of BP’s strategic bioenergy business.

“We see enormous opportunity to grow our bioenergy business by bringing Archaea fully into BP,” said Dave Lawler, chairman and president BP America. “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.”

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In October, BP announced it had agreed to acquire Archaea, subject to regulatory and Archaea shareholder approval. Having received those approvals and with the transaction complete, Archaea expands BP’s presence in the US biogas industry, enhancing its ability to support customers’ decarbonization goals and progressing its aim to reduce the average lifecycle carbon intensity of the energy products it sells.

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.

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