Plenoil, founded in 2013, is the leading fully automated energy retailer for vehicles (fuel and electricity) in Iberia operating +250 energy stations, as well as the fastest growing player with +70 station openings per annum. The company has a plan to reach >500 stations through its secured pipeline of new locations in Spain and Portugal. The company provides customers over 130,000 refuellings per day across its strategically located energy stations. Since the opening of its first station in 2015, Plenoil has offered high quality automated refuelling at the lowest market price.

Portobello partners together with Tensile Capital Management and management team to support the acceleration of the company’s automated energy stations network roll-out together with the imminent arrival to the Portuguese market, in addition to boosting the on-going deployment of Electric Vehicle (EV) chargers across the whole network.

Why invest in Plenoil?

• Historically stable fuel market with high margins, barriers to entry, rational competitive set and long runway of demand
• Unique operating model: asset light, low cost, branded and automated new network with standardized opening process and secured supply strategy
• Strong economic model with structural cost advantage that supports low cost pricing
• Stability of supply supported by uniquely flexible but contracted procurement strategy
• Well-positioned in the industry to benefit from the transition to electrification being the largest station network including EV chargers
• Co-investment with a strong international partner, and partnership with a proven and aligned management team
• High commitment to ESG: +80% of the station network currently operates with photovoltaic solar panels and +75% of all stations have EV charging