Greek energy companies Motor Oil and PPC have announced a joint venture called Hellenic Hydrogen, which aims to develop alternative fuel technologies, specifically green hydrogen. The project is expected to receive up to €130 million in investment, with funding already requested from the Innovation Fund. The venture will produce “green” hydrogen and is also exploring other forms of funding for smaller projects in the hydrogen valleys sector.
Dimitris Triantafyllopoulos, the General Manager of Hellenic Hydrogen, spoke at the Delphi Forum and highlighted the significant prospects of the development of hydrogen technology in Greece. He emphasized that the strong shareholding schemes of the joint venture, with Motor Oil holding 51% and PPC 49%, provide a solid foundation for the project’s success.
This investment in hydrogen technology is in line with the Greek government’s strategy to achieve a 55% reduction in greenhouse gas emissions by 2030 and to become a carbon-neutral economy by 2050. Hydrogen technology is considered one of the most promising ways to achieve these goals, and many other Greek companies, including Mytilineos and DESFA, are also exploring the potential of this technology.
Mytilineos has announced an expansion in the field of green hydrogen supply for heavy vehicles, with a 15% stake acquisition in CLARA Energy’s Rosedale green hydrogen project in Australia. DESFA has also designed a pipeline along the existing main gas pipeline that will be connected to a similar network planned by Bulgaria. The new natural gas plants of PPC, DEPA, and Copelouzos Group in Alexandroupolis will also operate with hydrogen.
The national plan for the development of hydrogen was assigned to a competent committee under NTUA professor Pantelis Kapros two years ago. Although the plan was delivered last summer, it has not yet been made public, and it is expected that final decisions will be taken after the elections.
In line with the European Union’s Important Projects of Common European Interest (IPCEI Hydrogen), two projects of Greek interest, B&T Composites’ H2CAT project and Advent’s Green HiPo project, have been approved for funding of up to €800 million. The White Dragon has been cut from the design for the production of “green” hydrogen in Western Macedonia. A pilot project for the production of “green” hydrogen is also being promoted by HELLENiQ ENERGY, and Linde Hellas has already started producing “green” hydrogen at its facilities in Mandra, Attica. Since May of last year, the first hydrogen station in Greece has been operating at NCSR “Demokritos” in Agia Paraskevi.
The potential impact of this joint venture and other Greek companies investing in hydrogen technology is significant. If successful, the development and use of green hydrogen as an alternative fuel source could play a significant role in reducing Greece’s carbon footprint, and in turn, contributing to the global effort to combat climate change.