Motor Oil Group announced the acquisition of all the shares of the company “ELIN VERD” (VERD), for a total price of 15.4 million euros. VERD was founded in 2005 and is engaged in the production and marketing of biofuels. The company has a biodiesel production plant in Volos with a production capacity of 80,000 tons of biodiesel per year.
In addition, VERD leads the waste edible oil collection industry in Greece through its subsidiary PRASINO LADI SA. Green Oil annually collects approximately 25,000 tons of waste oils, which it currently recycles, using them to produce green fuel with a low environmental footprint.
“With the acquisition of VERD, the Motor Oil Group is leading the way in investing and operating in the field of renewable and alternative fuels and the circular economy through the utilization of bio-based products, waste and discard products for the production of energy and new, more environmentally friendly fuels. environment”, the relevant announcement emphasizes.
Based on the platform of VERD and Green Oil and combined with the network, the production base as well as the wider support and presence of the Group, the aim is to create a regional leader in the field of renewable fuels and the circular economy, which will be dedicated to the production and marketing of sustainable alternative fuels with a low environmental footprint.
In 2021 VERD had a turnover of 27.7 million euros and an EBITDA of 2.3 million euros. The company employs 67 workers.
Source: Capital
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