An Essex-based fuels, oils, and lubricants provider embarks on an ambitious £40m expansion.
- The company, established in 1919, has diversified its offerings to include sustainable fuels.
- A £40m investment will bolster its current fleet and expand its workforce by 2026.
- It aims to cement its status as one of the UK’s leading alternative fuels providers.
- Supported by Lloyds Bank, the company has seen significant growth and revenue escalation.
New Era Energy, an Essex-based provider of fuels, oils, and lubricants, has announced a substantial £40m investment drive aimed at expanding its operations and workforce. Founded in 1919, the company originally focused on red diesel supplies for off-road operations but has recently pivoted towards more sustainable fuel options. Over the past four years, the company has emerged as a leading supplier of hydrotreated vegetable oil (HVO), a diesel alternative that significantly reduces carbon emissions by 90%.
The decision to branch into HVO was driven by market demands for sustainable products and an alignment with the company’s own Environmental, Social, and Governance (ESG) principles. Currently headquartered in Harlow, New Era is actively expanding its fleet, which includes 70 tankers and 10 fuel depots. Plans are underway to introduce additional trucks and another depot, with the objective of assisting clients in transitioning to greener fuel solutions.
This strategic growth is supported by an asset-based lending solution of £40m from Lloyds Bank, facilitating the company’s ambitious expansion plans which include recruiting over 30 new staff members by 2026. Demonstrating a period of robust growth, New Era has tripled its revenue in the last three years and is on track to sell 250 million litres of fuel this year, notably exceeding its 2020 sales figures by fivefold. Of this, 60 million litres are projected to come from HVO sales alone, underscoring its position as the largest supplier of HVO nationwide.
The company adheres to sustainable practices by employing HVO in its own vehicles, utilising 900,000 litres to power its fleet. It also launched a fuel tank restoration service in May, enabling clients to refurbish existing tanks rather than investing in new ones, thereby offering significant cost savings and environmental benefits.
Additionally, as part of its expansion strategy, New Era is looking to broaden its customer base beyond its traditional sectors of construction, demolition, and plant hire. The intention is to penetrate industries such as haulage and distribution. This endeavour is further supported by Hanover Investors and Management, which has made recent investments in the company.
James Hunt, CEO of New Era Energy, stated, “Our goal is to help all our customers transition to more sustainable sources for their fuel needs. But in doing this, it’s also important that we practice what we preach, which is why we’re committed to taking steps to limit our own carbon footprint.”
Matthew Durrant, a relationship manager at Lloyds Bank, expressed enthusiasm over supporting New Era’s growth. “As the country looks to make the transition to a lower carbon economy, it’s businesses like New Era Energy, who are making real efforts to help others operate more sustainably, that can make all the difference,” he remarked.
In sum, New Era Energy’s strategic £40m investment marks a significant step towards becoming a major player in the UK’s alternative fuel sector, with a clear commitment to sustainability and growth.
