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Friday, 1 November 2024, 13:54
Cepsa changes its name to Moeve, a new, historic milestone in the Spanish company's transformation to become one of the leaders in the energy transition market, setting the benchmark for the rest. The name change is timed to reflect the progress made to date in the company's transformation, the result of its 'positive motion to 2030' strategy and its total commitment to sustainable energy and mobility.
This big change is also done in response to the company's objective of increasing decarbonisation, for company and customers alike, hence an investment of eight billion euros. More than 60% of this investment will be allocated to sustainable businesses such as green hydrogen production, second-generation biofuels and sustainable chemicals, as well as ultra-fast electric recharging.
Since the launch of its 'positive motion' strategy in March 2022, the company has made advances on a large number of projects and has developed an ecosystem of partnerships with more than 60 companies from various industry sectors to drive the various value chains and the implementation of these projects.
The company is developing the Andalusian Green Hydrogen Valley, the largest project of its kind presented to date in Europe, which by 2030 is expected to have a capacity of 2,000 MW. It has also promoted the creation of the first maritime corridor between the ports of Algeciras and Huelva and the port of Rotterdam to link southern and northern Europe and is working on the development of new green methanol and ammonia plants together with its partners.
It is also developing what will be the largest 2G biofuel complex in southern Europe, located in Palos de la Frontera (Huelva), with an annual production capacity of one million tonnes of sustainable aviation fuel (SAF) and renewable diesel (HVO).
Currently, Moeve already markets these sustainable fuels in seven of the main Spanish airports and in more than 60 ports across Spain (mainland and the Canaries). The energy company is also making progress with its partners in the development of around 30 biomethane plants in Spain and projects to recover waste for the production of this biogas, a substitute for natural gas.
Moeve's network of service stations already has more than 160 ultra-fast charging points in operation and expects to end the year with 400 installed and in operation for the development of one of the largest ultra-fast electric charging networks in Spain and Portugal as a whole. At the same time, it is carrying out an ambitious transformation of its customer contact points, expanding its range of energy alternatives, as well as new catering, parcel collection and shop services.
The company is also transforming its chemical portfolio towards increasingly sustainable solutions. Specifically, it already produces and markets LAB (linear alkylbenzenes, a family of organic compounds used as the basis for the manufacture of biodegradable detergents) and phenol from renewable raw materials and energy sources. It is also building an isopropyl alcohol (IPA) plant in Huelva, the basis for the manufacture of hydroalcoholic gels, which will be the first facility of its kind in Spain to use green hydrogen and to replace fossil-based raw materials with sustainable materials.
This year, the company announced the sale of its exploration and production assets in Colombia and Peru, following the divestment in Abu Dhabi in 2023, which means the sale of nearly 70% of its oil production assets by 2022. In August, the company also announced the sale of its butane, propane and autogas subsidiary (Gasib).
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