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May 25, 2022 15:50 CESTMotor Oil, PPC to create green hydrogen JV in Greece
Hydrogen tanks. Source: US Office of Energy Efficiency & Renewable Energy
January 17 (Renewables Now) - Greek utility PPC SA (ATH:PPC) and domestic petroleum refiner Motor Oil Hellas (FRA:MHZ) last week unveiled plans to set up a joint venture (JV) dedicated to the development of green hydrogen projects at home.
The companies have signed a Memorandum of Understanding (MoU) to form a new entity that will be 51%-held by Motor Oil. PPC said in a bourse filing on Thursday it will own the remaining 49%.
The new company will be involved in the development of green hydrogen generation and storage projects in Greece. It will have access to the PPC’s energy production from renewable sources and use Motoi Oil’s experience from being one of the largest energy groups in the country.
The partners pointed out that the JV will support Greece's goal to achieve net-zero emissions by 2050.
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