Motor Oil gets funding for charging and hydrogen stations in Greece

The roll out of the zero-emissions infrastructure will be possible due to a €40 million loan over 10 years granted by the European Investment Bank.

The European Investment Bank will help Motor Oil in the development of a network of EV charging and hydrogen stations throughout Greece. The entity has agreed to provide a €40 million 10-year loan to co-fund the project.

The investment, a first of its kind on such a scale in the country, will see the deployment of about 3,000 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 refueling 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.

“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.