Motor Oil Group announced the acquisition of all the shares of the “ELIN VERD” company. VERD was founded in 2005 and is engaged in the production and marketing of biofuels. The company has a biodiesel production plant in Volos with a production capacity of 80,000 tons of biodiesel per year.
In addition, VERD leads the waste edible oil collection industry in Greece through its subsidiary PRASINO LADI SA. (Green Oil) which annually collects approximately 25,000 tons of waste oils, which it currently recycles, using them to produce green fuel with a low environmental footprint.
Investments
“With the acquisition of VERD, the Motor Oil Group is leading the way in investing and operating in the field of renewable and alternative fuels and the circular economy through the utilization of bio-based products, waste and waste products for the production of energy and new, more environmentally friendly fuels. environment”, the relevant announcement emphasizes.
Based on the VERD and Green Oil platform and combined with the network, the production base as well as the wider support and presence of the Group, the aim is to create a regional leader in the field of renewable fuels and the circular economy, which will be dedicated to the production and marketing of sustainable alternative fuels with a low environmental footprint.
In 2021 VERD had a turnover of Euro27.7 million and an EBITDA of Euro2.3 million. The company employs 67 people.
ELIN’s point
Elin is proceeding with the energy evolution of the company, with significant investments that will allow it to vigorously claim its role in the new energy market.
This is the next phase of the implementation of the plan, which is a key strategic goal of the Elin Group, and started in 2019 with the entry of Elin into the electricity and natural gas market, through the “Electricon” and “Aerion” brands.
The next step concerns the evolution of the gas station network into integrated energy stations. Investing in the first phase in Compressed and Liquefied Natural Gas, Elin will create three new facilities in Athens, Thessaloniki and Ioannina, with the aim of promptly positioning itself in the new LNG – CNG market that is forming in the country.
In addition, Elin, through the strategic cooperation with PPC, is installing electric vehicle chargers in over 100 points in its network.
Elin’s energy transformation includes planning for its entry into the Hydrogen market through the collaboration with DESFA, as well as investments for the creation of photovoltaic parks.
At the same time, Elin is proceeding with the restructuring of the energy mix of its activity by transferring its percentage of participation in Elin VERD, to MOTOR OIL. The green transition leads to new technology fuels with a low carbon footprint, which in relation to first generation biofuels require significant investments in a different type of production process.
This decision will allow the company to leverage significant capital for the high-cost investments required for its energy transformation and to remain focused on its dynamic establishment in the “new landscape” created by the energy transformation, the green transition and the energy crisis. .
The transaction is subject to regulatory approval.
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