Moeve Company Profile

Background

Moeve, formerly known as Compañía Española de Petróleos, S.A. (Cepsa), is a Spanish multinational integrated energy and petroleum company headquartered in Madrid, Spain. Established in 1929, Moeve has evolved into a leading entity in the energy sector, operating across the entire oil, chemical, and gas value chain. The company is dedicated to sustainable energy and mobility, aiming to drive Europe's energy transition and accelerate decarbonization both within its operations and for its customers. In October 2024, Moeve rebranded from Cepsa to reflect its strategic shift towards sustainable energy solutions.

Key Strategic Focus

Moeve's strategic focus centers on leading the production of sustainable energy powered by green molecules, including green hydrogen and second-generation biofuels, as well as sustainable chemical products and ultra-fast electric mobility. The company has committed to an €8 billion investment strategy, with over 60% allocated to sustainable businesses. This includes the development of the Andalusian Green Hydrogen Valley, aiming for a capacity of 2,000 MW by 2030, and the construction of the largest 2G biofuels plant in southern Europe. Additionally, Moeve is expanding its ultra-fast electric vehicle charging network in Spain and Portugal to promote sustainable mobility.

Financials and Funding

In 2024, Moeve reported a net profit of €92 million, reversing a €233 million loss from the previous year. The adjusted EBITDA for 2024 was €1.852 billion, a 32% increase from 2023, driven by positive performance in the Energy segment. The company invested €1.293 billion in 2024, with 43% of this considered sustainable investments, focusing on projects like the 2G biofuels plant in Huelva, green hydrogen, and electric mobility. Moeve's liquidity improved by 40% to €6.115 billion, and it reduced its financial leverage, maintaining net debt at €2.369 billion.

Pipeline Development

Moeve is advancing several key projects:

Andalusian Green Hydrogen Valley: Aiming for a capacity of 2,000 MW by 2030, this project is set to be the largest renewable hydrogen initiative in Europe.

2G Biofuels Plant in Huelva: Under construction with an investment of up to €1 billion, this facility will be the largest 2G biofuels complex in southern Europe, producing sustainable fuels to reduce CO₂ emissions.

Ultra-Fast Electric Vehicle Charging Network: Moeve is deploying one of the largest ultra-fast EV charging networks in the Iberian Peninsula, with over 160 charging points operational and plans to reach 400 by the end of 2024.

Technological Platform and Innovation

Moeve is at the forefront of integrating sustainable technologies:

Green Hydrogen Production: The company is developing the Andalusian Green Hydrogen Valley, aiming for a capacity of 2,000 MW by 2030, to produce renewable green hydrogen.

Second-Generation Biofuels: Moeve is constructing a 2G biofuels plant in Huelva, set to be the largest in southern Europe, producing sustainable fuels to reduce CO₂ emissions.

Ultra-Fast Electric Vehicle Charging: The company is expanding its ultra-fast EV charging network in Spain and Portugal, with over 160 charging points operational and plans to reach 400 by the end of 2024.

Leadership Team

Maarten Wetselaar: Chief Executive Officer (CEO) of Moeve, leading the company's transformation towards sustainable energy and mobility.

Market Insights and Competitor Analysis

The energy sector is undergoing a significant transformation, with a global shift towards sustainable and renewable energy sources. Companies are investing heavily in green technologies, biofuels, and electric mobility to meet environmental goals and regulatory requirements. The market for green hydrogen, in particular, is expanding rapidly, with Europe positioning itself as a leader in this field.

Moeve's primary competitors include:

Repsol: A Spanish multinational energy company focusing on renewable energy and sustainable mobility.

Enagás: Specializes in natural gas transportation and storage, with initiatives in renewable gases.

Iberdrola: A global energy leader in wind power and renewable energy.

These companies are also investing in sustainable energy solutions, creating a competitive landscape in the transition to a low-carbon economy.

Strategic Collaborations and Partnerships

Moeve has formed alliances with over 60 companies to drive diverse value chains, including partnerships for the development of green hydrogen and biofuels. These collaborations are essential for scaling up sustainable energy projects and achieving decarbonization goals.

Operational Insights

Moeve's strategic focus on sustainable energy and mobility, supported by significant investments and strategic partnerships, positions it as a leader in the European energy transition. The company's commitment to innovation and sustainability differentiates it from competitors in the market.