The creation of the joint venture is now on track for completion with the signing of a “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 this.
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”.
The creation of the joint venture is now on track for completion with the signing of a “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 this.
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.
About the Public Electricity Company S.A.
PPC is the leading electricity generation and supply company in Greece, with activities in the production, distribution and sale of electricity to consumers.
It is the largest electricity generating company in Greece and has a production capacity of 10.4 GW, with thermal and hydroelectric plants as well as Renewable Energy Sources installations. It owns, through its 51% participation in its subsidiary DEDDIE S.A., the electricity distribution network with a Regulated Asset Base of approximately €3 billion. It is the largest electricity supplier in Greece, serving approximately 5.7 million customers across the country. PPC is listed and its shares are traded on the Main Market of the Athens Stock Exchange.
About MOTOR OIL
Motor Oil was founded 50 years ago and is a leader in the energy sector – in Greece and the wider South-Eastern Mediterranean region. It supports the economy with exports to over 45 countries, thousands of employees and continuous new investments. It is active in the field of crude oil refining and the trading of petroleum products, and at the same time in the field of LPG, electricity and natural gas trading and in the field of renewable energy sources, through its subsidiaries. The Group, through a targeted investment plan, leads the formation of a sustainable energy future, with stability and consistency. Since 2001, Motor Oil has been listed on the Athens Stock Exchange. For more information visit https://www.moh.gr/
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