Motor Oil Group to acquire ELIN VERD
Developing its strategy for the Energy of the Future at a steady pace, Motor Oil Group entered into a Sale-Purchase Agreement for the acquisition of all the shares of the company “ELIN VERD SA – SUSTAINABLE PRODUCTS AND SERVICES”.
Following the acquisition of VERD, Motor Oil Group is paving the way in investing and operating in renewable and alternative fuels sector and circular economy through the utilization of bio-based products, and waste products for the production of energy and new, more environmentally friendly fuels.
VERD was founded in 2005 and engages in the production and trading 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 cooking oil (WCO) collection industry in Greece through its subsidiary PRASINO LADI SA. (Green Oil SA.), which collects approximately 25,000 tons of used cooking oil annually that the company currently recycles, using them to produce green fuel with a low environmental footprint.
Based on VERD and Green Oil platform, combined with the network, the production base coupled with the wider support and presence of Motor Oil Group, the objective is to create a regional leader in the sectors of renewable fuels and circular economy, which will be focused on the production and trading of sustainable alternative fuels with low environmental footprint.
In 2021, VERD’s turnover was €27.7 million and EBITDA of €2.3 million. The company employs 67 people.
The transaction is subject to approval by the Hellenic Competition Authority.
The Energy of the Future runs through all growth pillars of Motor Oil Group. The Group moves forward towards the Future, focusing on investments with value and development exponent for the environment, the society and the economy.