Greek Refinery Receives 111 Million Euro Grant for Renewable Hydrogen Project
Key Ideas
  • Greek refinery Motor Oil Hellas is set to receive a substantial grant of over 111 million euros for a renewable hydrogen project.
  • The project, funded by the Recovery and Resilience Facility, aims to decarbonize the mobility and industrial sectors in Greece.
  • This initiative is expected to play a significant role in kick-starting the hydrogen market within the country.
  • The European Commission and the EU state aid regulator have endorsed this move to promote sustainable energy solutions.
The European Commission announced that the Greek refinery Motor Oil Hellas is in line to receive a direct grant exceeding 111 million euros to support a project focused on generating renewable hydrogen. This funding will be fully covered through the Recovery and Resilience Facility, showcasing the EU's commitment to promoting clean energy initiatives. The main objective of this financial support is to facilitate the decarbonization of both the mobility and industrial sectors in Greece. By investing in renewable hydrogen technology, the project aims to contribute to reducing carbon emissions and fostering a more sustainable economy. Additionally, the initiative is expected to have a positive impact on the development of the hydrogen market within the country, potentially paving the way for further investments and innovations in this sector. The endorsement from the EU state aid regulator further emphasizes the importance of such projects in advancing environmental goals and promoting green technologies.
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