November 23, 2023, VARO Energy (“VARO”) is pleased to announce the launch of its Innovation & Disruptive Leaders film on www.welt.de.
The film focuses on the leading role VARO plays in accelerating the energy transition, the strategy it has put in place to deliver on the company’s purpose and the key levers that support the implementation of its ONE VARO Transformation strategy.
In the changing global energy landscape and at a time when the world is looking for new, more sustainable energy solutions, VARO is reducing its emissions while also expanding its offering to provide customers with the sustainable energy solutions they need to decarbonise. At the same time, VARO continues to deliver energy safely and reliably to its customers.
VARO unveiled its ONE VARO Transformation strategy in July 2022, which aims to invest a total of $3.5 billion by 2026, with two-thirds of that funding going toward sustainable energies. The company has also announced plans to treble earnings in the period to 2026, with around half from sustainable energies. To do so, VARO identified five strategic growth pillars that offer the most attractive low carbon growth potential, while playing to the company’s strengths. These are advanced Biofuels, Biomethane & bio-LNG, Hydrogen, e-mobility and Carbon removals. VARO has announced plans to be Net Zero by 2040.
To implement this strategy, VARO is focused on:
- Establishing strategic partnerships. Examples are the cooperation with Lufthansa, to ramp-up the market for Sustainable Aviation Fuel (SAF), and with Groupe E, which resulted in the building of the largest ground-mounted solar facility in Switzerland at VARO’s manufacturing hub in Cressier.
- Repurposing infrastructure. By converting its facilities for clean energy production, for example by constructing an electrolyzer at the Bayernoil manufacturing hub, the production of green hydrogen can be expedited.
- Investing in new businesses. For example, the acquisition and planned investment to double the production at the VARO Biogas Coevorden facility and the $600m investment for building a SAF plant in Rotterdam alongside our strong growth in both e-Mobility and nature-based Carbon Removals.
In VARO's vision, energy is a catalyst for positive change. And for the energy transition to be just, it needs to focus not only on the climate but also the social and economic impacts. This is why we are both repurposing our existing assets and building new ones. By working with our people, customers, partners and governments and by embracing new ideas and innovation, VARO is accelerating the energy transition and spearheading the transition to a more sustainable, accessible and affordable era for energy.
About VARO
VARO Energy (“VARO”) is the partner of choice for customers in the energy transition by providing the sustainable and reliable energy solutions that they need to decarbonise. Engine 1 includes manufacturing, storage, distribution, marketing, and trading of conventional energies. Engine 2 activities are focused on sustainable energies and include biofuels, biogas, green hydrogen, e-mobility, and nature-based carbon removals. VARO plans to invest around $3.5 billion over the 2022-26 period, with two-thirds committed to sustainable energies. The company has a net zero target for scope 1, 2 and 3 by 2040. VARO is a Swiss-based private company, owned by The Carlyle Group (66.66%) and by Vitol (33.33%).