Metacon AB (publ) has been appointed supplier and awarded an add-on contract for the supply of a 20-MW pressurized alkaline electrolysis plant for H₂ 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 €10.6 MM in total, equivalent to approximately $11.6 MM 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 H₂ 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 H₂ production plants in Europe to date.

Metacon continues to drive its transformation towards becoming a leading supplier to the industrial clean H₂ 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 H₂ 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 onsite 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 H₂ market landscape in Europe, enabling large, cost-effective H₂ 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.