EU Approves €111.7m Aid for Greek Refinery to Produce Renewable Hydrogen
Key Ideas
- The European Commission has approved a €111.7 million aid package for Motor Oil Hellas in Greece to produce renewable hydrogen.
- The aid will support the decarbonization of mobility and industrial sectors, kick-starting the hydrogen market in Greece.
- Motor Oil Hellas will implement a 'Green Hydrogen' project with a 50 MW electrolyser powered by renewable sources for various applications.
- The aid, in the form of a direct grant, is part of Greece's Recovery and Resilience Plan under the EU's State aid rules.
The European Commission has given the green light to a €111.7 million Greek measure aimed at supporting Motor Oil Hellas, a Greek refinery company, in producing renewable hydrogen. This initiative is part of the efforts to decarbonize the mobility and industrial sectors in Greece and to jumpstart the hydrogen market in the country. The funding for this project will come from the Recovery and Resilience Facility, following the approval of Greece's Recovery and Resilience Plan by the Council.
Motor Oil Hellas will be focusing on its 'Green Hydrogen' project, which involves setting up a 50 MW electrolyser powered by renewable energy sources. The renewable hydrogen produced will have various applications, including mobility and industrial uses like sustainable fuel production. The financial assistance will be provided as a direct grant, facilitating the realization of this eco-friendly endeavor in alignment with EU regulations on state aid.
Topics
Europe
Renewable Energy
Decarbonization
Sustainable Fuels
European Commission
State Aid
Industrial Sector
Recovery And Resilience Facility
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