With ‘Hellenic Hydrogen’ in ‘green hydrogen’ Motor Oil and PPC

After signing a Memorandum of Understanding for the creation of a joint venture in January 2022, Motor Oil and PPC are moving forward with the aim of jointly shaping the “energy solution of the future”.

According to the relevant announcement, the creation of the joint venture is now on track for completion with the signing of the “Shareholder Agreement”, which aims to establish a new company, “Hellenic Hydrogen SA”, in which Motor Oil will acquire 51 % of the share capital and PPC 49% of it.

The “Shareholders’ Agreement” and the establishment of the new company are subject to the approval of the relevant regulatory authorities, to which the transaction will be notified.

The new company will aim to develop green hydrogen production projects in Greece, in collaboration with large and experienced consulting firms, utilizing in the best possible way the experience, know-how and potential of its shareholders in the developing platform for the production and distribution of renewable energy sources. At the same time, the new company will seek to develop such projects in those locations, where production costs will be minimized and more interested buyers will be served, as well as to secure financial support through various available tools, so that the green hydrogen produced is affordable by the maximum possible.

With this initiative, two of the largest companies in the domestic energy market are joining forces to promote Greece’s transition to a clean environment with zero carbon emissions, through the development of hydrogen production and storage projects that will come 100% from renewable energy sources, implementing today an energy solution of the future.