Motor Oil and PPC are moving forward with the intention of collaboratively defining the “energy solution of the future” after signing a Memorandum of Understanding for the formation of a joint venture.
With the signature of the ” Shareholder Agreement “, which intends to form a new business, “Hellenic Hydrogen SA “, in which Motor Oil will acquire 51% of the share capital and PPC 49% of it, the joint venture is currently on track to be completed.
The “Shareholders’ Agreement” and the creation of the new business are subject to approval by the appropriate regulatory bodies, who will be informed of the transaction.
The new business will work with major, seasoned consulting companies to create green hydrogen production projects in Greece, making the greatest use of its shareholders’ experience, expertise, and potential as it builds a platform for the generation and distribution of energy from renewable sources. The new firm will also work to get financial backing through various instruments available so that the green hydrogen generated is as inexpensive as possible. By developing such projects in places where production costs will be reduced and more interested consumers will be supplied.
Through the development of hydrogen production and storage projects that will be powered entirely by renewable energy sources, two of the largest companies in the domestic energy market are collaborating to support Greece’s transition to a clean environment with zero carbon emissions. By doing so, they are putting in place a future-proof energy solution today.