Cepsa, the oil company controlled by the emirate of Abu Dhabi, announced this Wednesday that it is abandoning the brand it has used since its creation 95 years ago to become Moeve and thus illustrate its renewable focus.
The company was founded as Compañía Española de Petróleos SA in September 1929 as the first private corporation in the then emerging Spanish hydrocarbon market. More than 35,000 days later, it becomes Moeve “as a consequence of the progress of its transformation, derived from the strategy Positive Motionwhich it has been implementing for two years to become the benchmark for sustainable energy and mobility.”
“I am excited to communicate the change of a great brand, Cepsa, which has been with us for more than 90 years, to tell the world that we are transforming into another type of organization, Moeve, in which most of its profits come from sustainable activities at the end of this decade,” the CEO of Moeve, the Dutchman Maarten Wetselaar, indicated in a statement.
“Given these advances and those we will make in the future, we present a new brand that reflects our firm commitment to be a benchmark for the energy transition in Europe, especially in the field of green hydrogen, 2G biofuels and ultra-fast electric mobility” , said the company’s first executive, who last week conditioned the future of its investment of 3,000 million euros in the so-called Andalusian Hydrogen Valley to the elimination or modification of the extraordinary tax on energy companies, which the Government practically considers lost due to lack of parliamentary support.
According to Cepsa, this change also responds to its objective of accelerating its decarbonization and that of its clients, through an investment of up to 8 billion euros, “of which more than 60% will be allocated to sustainable businesses, such as the production of green hydrogen , second generation (2G) 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 advanced a large number of projects and has developed an ecosystem of alliances with more than 60 companies from various sectors to promote the different value chains and the implementation of these projects.
The company is developing the Andalusian Green Hydrogen Valley, the largest project presented to date in Europe, which in 2030 expects to have a capacity of 2000 MW. In addition, it has promoted the creation of the first maritime corridor between the ports of Algeciras and Huelva with the port of Rotterdam to link the south and north of Europe and is working on the development of new green methanol and ammonia plants together with its partners.
Likewise, it is developing what will be the largest 2G biofuels complex in southern Europe, in Palos de la Frontera (Huelva), with an annual production capacity of one million tons 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. It also develops with other partners about 30 biomethane plants in Spain and projects to recover waste for the production of this biogas, a substitute for natural gas.
The Moeve service station network already has more than 160 ultra-fast charging points in operation and expects to end the year with 400 built, for the development of “one of the largest ultra-fast electric charging networks in Spain and Portugal as a whole.” . In parallel, it is carrying out “an ambitious transformation of the points of contact with customers, expanding its offer of energy alternatives, as well as new restaurant, package collection and store services.”
The company already produces and markets LAB (base for the manufacture of biodegradable detergents) and phenol from raw materials and renewable energy sources. In addition, it is building an isopropyl alcohol (IPA) plant in Huelva, the base for the manufacture of hydroalcoholic gels, which will be the first facility of this type in Spain that uses green hydrogen and is capable of replacing raw materials of fossil origin with materials sustainable.
This year it announced the sale of its exploration and production assets in Colombia and Peru, after the divestment carried out in Abu Dhabi in 2023, which represents the sale of about 70% of its oil production assets compared to 2022. In August it announced the sale of its butane, propane and autogas subsidiary (Gasib).
The new brand, developed in collaboration with the Landor agency, reflects movement, optimism and evolution through different colors, textures and dimensions, with a design designed for the digital world. The new brand will be progressively implemented in all its service stations, in a process that will start in November, at a rate of about 600 stations a year, until reaching the more than 1,800 that the company has in Spain and Portugal. Moeve will launch a new global advertising campaign in the coming days.
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