STOCKHOLM, March 4, 2025 /PRNewswire/ -- Metacon AB (publ) has been appointed supplier and awarded an add-on contract for the supply of a 20 MW pressurised alkaline electrolysis plant for hydrogen production to Motor Oil (Hellas) Corinth Refineries S.A., Greece ("Motor Oil"). The complete contract package is under development and expected to be finally signed in the near-term and have a value of EUR 10,6 million in total, equivalent to approximately SEK 117,8 million with current exchange rate and the compensation will be paid in instalments in accordance with a later established payment schedule. This order by Motor Oil will expand the hydrogen production plant in Corinth to 50 MW in total. Assembly of the plant takes place in Metacon's factory in Patras, Greece and and a majority of the add-on contract will be delivered in combination with the ongoing 30 MW project be combined with the ongoing 30 MW project. When operational, the plant will be one of the biggest electrolysis-based hydrogen production plants in Europe to date.

Metacon continues to drive its transformation towards becoming a leading supplier to the industrial clean hydrogen sector. Metacon has intensified its efforts to build a competitive offering in large-scale electrolysis plants. As previously announced, this also includes the establishment of European manufacturing under the Metacon brand. The underlying driving force behind this initiative is the opportunity to be able to produce leading and proven hydrogen production systems at a competitive price within the framework of the close collaboration with our Chinese manufacturing partner PERIC, a partnership that has been established over several years. The contract with Motor Oil has marked the start of the implementation of Metacon's industrial strategy both in terms of sales and the gradual build-up of its own manufacturing in Europe.

The Motor Oil Group's refinery, located in Ag. Theodoroi in Corinth is the largest private industrial complex in Greece and is considered one of the most modern refineries in Europe. Analogous with the previously announced 30 MW contract, the additional 20 MW electrolysis units will be partly assembled in Metacon's factory in Patras, Greece and Motor Oil will be responsible for on-site installation in Corinth, under the guidance and supervision of Metacon and PERIC.

"I am very pleased to be able to announce this significant contract award with the refinery leader Motor Oil. Metacon and PERIC continue to transform the clean hydrogen market landscape in Europe, enabling large, cost-effective hydrogen production solutions for the industrial segment. The contract also adds nicely to Metacons financial targets for the year," commented Christer Wikner, CEO and President, Metacon.

 For further information, please contact Christer Wikner, on 0707-647389 or e-mail info@metacon.com 

This information is information that Metacon AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 4 Mar 2025.15:28 CET.

About Metacon AB (publ)
Metacon AB (publ) develops and manufactures energy systems to produce fossil-free "green" hydrogen. In the Electrolysis business unit and in close partnership with world leader PERIC Hydrogen Technologies, Handan, China, Metacon offers complete electrolysis plants for large-scale production of hydrogen. Metacon also offers production-integrated hydrogen refueling stations, a globally growing area within clean transport.

The products in the Reforming business unit are based, among other things, on Metacon's patented HIWAR® technology that generates hydrogen through catalytic steam reforming of biogas or other hydrocarbons such as bioethanol. The development of Metacon's reforming products is carried out within the wholly owned subsidiary Metacon S.A. in Patras, Greece. The business is focused on catalytic process chemistry and advanced, compact reformers for high-efficiency hydrogen production. www.metacon.com

About Motor Oil (Hellas)
Motor Oil Group is a leader in the energy sector - in Greece and in the wider Eastern Mediterranean region. It supports the economy with exports to over 75 countries, thousands of employees, and continuous new investments. Motor Oil Group has 92 individual companies and directly employs 3,000 permanent workers. More than 1,500 gas stations operate with the emblems of Motor Oil's subsidiary companies, in Greece, as well as in foreign countries. The Group has branches in 8 different countries.

The company plays a leading role in the sectors of crude oil refining and marketing of petroleum products in Greece, as well as the greater eastern Mediterranean region, supplying its customers with a wide range of high-quality products. https://www.moh.gr/

For further information please see:
www.metacon.com | X: @Metaconab | LinkedIn: www.linkedin.com/company/metaconab

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