Motor Oil Group is turning to sectors other than refining or energy, following a strategy of diversifying its portfolio and targeting new emerging markets. Already as part of its growth strategy until 2030, the group aims to cover 40% of its EBITDA from the renewable energy and circular economy sectors, while at the same time, following the global trend of energy groups towards new sectors, it is also entering the retail and horeca sectors.

CAFES & RETAIL 

Core Innovations, a subsidiary of Motor Oil, has recently made two acquisitions in the coffee and retail sectors and is already active in e-commerce through allSmart.gr.  Acquisition of specialty coffee maker Taresso Artisan Coffee Roaster: the deal, announced yesterday, contributes to the vertical integration of the coffee business. The company has 2 stores in Kolonaki and Kifissias Avenue, a modern production unit in Corinth, offices and warehouses in Athens and Thessaloniki and a significant network of partners in Greece. According to the latest ICAP report, it has the 2nd highest turnover growth rate in the industry Acquisition of Twenty 4 Shopen stores: The recently completed deal strengthens the group's presence in the retail market of convenience stores under the Smartshop brand umbrella. Twenty 4 Shopen operates more than 25 stores in Attica, Pyrgos, Volos, Ioannina and Rhodes

In addition, Core Innovations, in the context of the development of mobility centers under the Plinto brand, launched the first self-service car wash offering vehicle cleaning services and electric charging, as well as the delivery and collection of small postal parcels, while at the same time, it strengthens its B2B services activity and specializes in the distribution and logistics of the products it markets and represents.

CIRCULAR ECONOMY

An important step in the strengthening of the circular economy business was the completion of the acquisition through the subsidiary Manetial Limited of Elector for €114.731 million. The Group estimates that the acquisition, combined with the other circular economy activities (Thalis, Prasino Ladi, LPC), would have already generated 

• Revenue: €320 million.
• EBITDA: approximately €40 million.

Note that as of 30/6/2024, Elector had €110 million of work in progress for the construction and operation of circular economy plants.

ELECTRICITY 

At the same time, in the electricity sector, it is making moves to become a fully vertically integrated player. In this context, it was announced that it is transferring to NRG (from MORE) 35% of the "Korinthos Power" gas-fired power plant for €56 mn. It is recalled that the group is participating (with 50%) with GEK Terna in the new gas-fired power plant Thermoelectric Komotini, which is in the final stage of trial operation, and is expected to receive soon the investment decision for the FSRU Gas Canal in Agioi Theodoroi.

RES

Meanwhile, in the green energy sector, it sets a target for MORE to record EBITDA of €250 million in 2030 and 2 GW of projects, up from 839 MW and €135 million in EBITDA today. The ultimate goal is for MORE Energy's revenues in 2030 to reach €350 million. Turning a new page for the construction of the 1st offshore wind farm, MORE announced that it has completed the procedures to take a 50% stake in Aeoliki Provatas Traianoupolis, a subsidiary of TERNA Energy that holds the right to develop a 400 MW pilot wind farm south of Alexandroupolis and north of Samothrace.

H₂O

Within 2025, the operation of the group's first hydrogen filling station, available for end consumers, is expected to be operational. It is recalled that Motor Oil, through Blue Med, is preparing a complete investment plan with multiple projects, aiming to create a chain of production, distribution and use of renewable gas and is planning investments of €350 mn. In parallel, with PPC, through the Hellenic Hydrogen consortium (51% Motor Oil - 49% PPC), for the hydrogen production plant in Amyndeon, with a capacity of 50 MW, in the first phase and a forecast for further increase up to 300 MW. The investment, in the first phase, will reach up to €80 million, with the plant estimated to be operational in 2026.