Motor Oil S.A. and Public Power Corporation PPC S.A. announced that they have entered into a Memorandum of Understanding agreement whereby they undertake the responsibility to establish the framework and carry out, through a Joint Venture scheme, investment projects related to the green Hydrogen sector.

The participation of MOTOR OIL (HELLAS) S.A. in the joint scheme will be 51% while that of PPC S.A. will be 49%.

The two parties maintain that the Joint Venture scheme will be a first mover in the development of the Hydrogen economy in Greece, having access to the RES energy production platform of PPC S.A. and taking advantage of the dynamic profile and knowhow of MOTOR OIL (HELLAS) S.A. which is one of the country’s leading energy groups.

The main objective of the Joint Venture will be the development of projects for the production and storage of green Hydrogen thus facilitating the process of Greece’s energy transition to an environment of Net Zero carbon emissions.