Greek utility PPC SA (ATH:PPC) and domestic petroleum refiner Motor Oil Hellas (FRA:MHZ) have formally set up a joint company dedicated to the development of green hydrogen projects in Greece.
Dubbed Hellenic Hydrogen, the joint venture (JV) will be 51%-owned by Motor Oil, while PPC will hold the remaining 49%, the companies announced last week. Dimitris Triantafyllopoulos, who has more than 20 years of experience in the energy market, has been appointed as the entity's CEO.
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Hellenic Hydrogen will be involved in the development and execution of projects targeting to produce and store green hydrogen across Greece. Work will be carried out in partnership with large and experienced consulting firms. Hellenic Hydrogen will have access to the PPC’s energy production from renewable sources and use Motoi Oil’s experience in the domestic energy segment.
“Today we are launching the first chapter of Hellenic Hydrogen, a company that will play a leading role in the country's energy scene with a vision to make Greece a strategic energy hub,” Triantafyllopoulos said.
PPC and Motoi Oil unveiled their plan for a hydrogen JV a year ago, saying the proposal would back Greece's goal to achieve net-zero emissions by 2050.