Motor Oil to develop EV and hydrogen network throughout Greece
A €40 million 10-year loan from the European Investment Bank will help Motor Oil fund the development of a network of EV charging and hydrogen stations throughout Greece.
The pioneering investment, the first of its kind on such a scale in Greece, will see the deployment of about 3000 electric vehicle charging stations for road transport. The hydrogen transport infrastructure will include one electrolyser for hydrogen production, hydrogen trailers, a feeding terminal to load the trailers, as well as hydrogen refuelling stations.
The loan agreement was signed at the EIB’s headquarters in Luxembourg by Ioannis Kaltsas, Head of the EIB’s Investment Team for Greece and Cyprus, and Petros Tzannetakis, Deputy Managing Director of Motor Oil Group (pictured).
“For the past 50 years, Motor Oil has been identified with energy. Our priority is to ensure the energy sufficiency of Greece while at the same time meeting the needs for alternative energy sources and green fuels, important for our country’s energy autonomy,” said Tzannetakis.
An estimated 49% of the project investment will be located on the Trans-European Network for Transport. Additionally, it’s estimated that 100% of the network will be deployed in less developed and transition cohesion regions while the charging stations will be publicly accessible.
