VARO Energy
TypePrivate
Founded2012
Headquarters,
Switzerland
Area served
principally Europe
Key people
Dev Sanyal (CEO)
Marcel van Poecke (Chairman)
Products
OwnerCarlyle Group (66.6%)
Vitol (33.3%)

VARO Energy (VARO) is an energy company headquartered in Zug, Switzerland. It operates in manufacturing, storage and distribution, marketing and trading, with businesses in biofuels, green hydrogen, biomethane & bio-LNG, nature-based carbon removals and e-mobility. The company is focused on the Benelux countries, Germany, France and Switzerland. VARO Energy’s shareholders include the global Investment firm, Carlyle Group and the global energy and commodities company Vitol.[1][2][3] The company CEO is Dev Sanyal.[4]

VARO owns a manufacturing hub in Cressier, Switzerland,[5] a majority share in the Bayernoil manufacturing hub, Southern Germany,[6] as well as storage facilities, distribution and marketing businesses in Benelux, France, Germany and Switzerland.[7] The company also owns a 59.8% stake in SilviCarbon,[8] a global leader in nature-based Carbon Dioxide Removals (CDRs) and 67.9% share in Road,[9] an EV charging platform provider.[6]

History

2012

VARO Energy was created with an acquisition of the Cressier refinery in Switzerland, from Petroplus, alongside marketing and storage activities.[10]

It was established as a joint venture between the commodity trader Vitol (75%) and Atlas Invest (25%), a financial holding company owned by the leading energy investor, Marcel van Poecke, who remains the Chairman of VARO Energy.[11][12]

2013

VARO Energy’ shareholder base was restructured; in place of Atlas Invest, the financial investor Carlyle takes a 50 percent stake[13][14]

In Germany, VARO acquired Petrotank and Vitol Marketing Germany.[15][16]

2014

VARO became the owner of 45% of the Bayernoil refinery in Germany through the acquisition of shares held by OMV Deutschland GmbH in Bayernoil Raffineriegesellschaft GmbH and other downstream assets owned by OMV Deutschland GmbH.[17][18]

The company acquired Total’s heating oil business and general trade business in Switzerland (Huiles Minérales, Mazol, Portales & Bonnet CH). The purchased assets include tank storage facilities in Eclépens near Lausanne and Total’s entire end customer distribution and sales network for domestic heating oil and diesel in Switzerland.[19][20]

Roger Brown is appointed Chief Executive Officer of VARO.[21]

2015

VARO invested over 50 million Swiss Francs in the Cressier refinery, the most significant investment in the site’s history, allowing it to remain competitive in the long term.[22][23] The investment is focused on safety, asset integrity and growth, with projects including a partial conversion of the refinery’s energy sourcing to natural gas, a cleaner source of energy, and technical upgrades to allow for the production of gasoline containing up to 5% ethanol produced from renewable sources.[24][25]

VARO acquired the German wholesale distributors Marol and Gekol.[26][27]

VARO merged with Dutch-based company Argos leading to gaining full ownership of Rhytank AG, located in Switzerland. Reggeborgh, a private Dutch investment company, enters as a third shareholder with 1/3 participation each.[28][29]

The company purchased bunkering activities from Vitol in Germany.[30]

2016

The company took full control over two tank storage terminals in the Netherlands: Hydrocarbon Hotel and Enviem Terminal.[31]

VARO expanded its inland bunkering activities by acquiring Fiwado B.V. in the Netherlands.[32]

2017

VARO acquired 100% of shares of Inter Oil B.V., a holding company, expanding retail activities in the Netherlands by gaining the brand names Brand Oil and Amigo.[33][34]

The company acquired the assets of Schneider Mineralöl Meissen GmbH. (retail and direct sales) in Saxony.[35]

VARO expanded its retail network in the Netherlands with the purchase of United Fuel Group B.V. gaining additional fuel stations.[36][37]

Hydrocarbon Hotel Tankstorage Terminal, purchased in 2016, is sold to Global Petro Storage.[38][39]

The former Petrotank terminal situated in Hanau in Germany is sold to Adolf Roth GmbH & Co. KG.[40]

2018

VARO purchased Van den Belt gaining several fuel stations in the process.[41]

VARO acquired Gerber Energie GmbH & retail sites from Wengel & Dettelbacher, and the terminal in Brugges, Belgium.[42]

2019

VARO acquired 100% of the shares in SMD Beheer BV, a Calpam-group company, adding 19 Calpam branded stations to its Dutch retail network.[43][44]

2020

VARO added an additional 6.4% to its stake in Bayernoil, making the company the majority stakeholder with 51.4%.[45][46]

2021

Carlyle completes an acquisition of the stake in VARO to hold 66.66% of shares in the company.[1][47]

VARO completed the purchase of 51% of shares in SilviCarbon.[8]

As of October 1, VARO gains a 67.9% share in E-Flux.[9][6]

2022

Dev Sanyal is appointed Chief Executive Officer of VARO Energy.[6]

VARO and Group E announced the plan to build the most powerful ground-mounted solar facility in Switzerland, in Cressier.[48]

VARO Energy & GPS Group announced the completion of an integrated biofuels facility in the port of Amsterdam.[49]

VARO announced a new strategy to invest 3.5 billion and help customers meet net zero.[50]

2023

VARO Energy announces the acquisition of 80% of the shares in Bio Energy Coevorden BV (BEC) in The Netherlands, one of the largest biogas manufacturers in Europe.[51]

VARO Energy and Deutsche Lufthansa AG sign a Memorandum of Understanding to explore the production and supply of Sustainable Aviation Fuel.[52]

VARO Energy increases its shareholding in E-Flux to 67.9% and commits significant investment for new market entry in France, Italy, Spain and the UK, and market expansion in Germany.

VARO Energy acquires 100% of the share capital in Renewable Energy Services (RES), one of Europe’s leading biogas trading companies, and expands biogas trading capabilities across 10 European countries.[53]

VARO Energy announces its plan to invest $600m to build a major Sustainable Aviation Fuel manufacturing facility in Rotterdam, which will meet up to 7% of the EU's 2030 SAF target.[54]

VARO Energy, Groupe E and CSEM commissioned Switzerland's largest ground-mounted solar power facility, in Cressier and connected a district heating network using excess heat from the Cressier manufacturing hub.[55]

VARO Energy acquires 100% of elexon GmbH, a leading European electric vehicle charging infrastructure provider.[56]

Sustainability

In July 2022 VARO announced a commitment to be Net Zero by 2040 as a key part of its strategy to become the energy transition partner of choice. According to its twin-engine strategy, VARO’s five strategic growth pillars are: Advanced Biofuels; Biomethane & Bio-LNG; Green Hydrogen; E-mobility; Nature-based Carbon Removals.[50][57]

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