Cepsa Rebrands as Moeve: Embracing a Sustainable Future in Energy Transition
Cepsa, the renowned Spanish energy company, has officially transitioned to a new identity, rebranding itself as Moeve. This change reflects the company's deeper commitment to leading the European energy transition and moving away from its historical ties to oil. Unveiled as part of the "Positive Motion" strategy aimed at 2030, Moeve's rebranding is intended to accelerate its decarbonization efforts and support its clients in doing the same, with an investment of up to 8 billion euros planned. Over 60% of this capital will be directed toward sustainable endeavors like green hydrogen production, second-generation biofuels, sustainable chemicals, and ultrafast electric vehicle charging.
The announcement was made by CEO Maarten Wetselaar, who described the day as historic not only for the company's 11,000 employees but also for its clients, partners, suppliers, and other stakeholders. Wetselaar emphasized the significance of the transition from Cepsa, a brand that represented a traditional oil company for over 90 years, to Moeve, a name that embodies their focus on sustainability and renewable energy initiatives. He expressed excitement about creating a company where the majority of profits will derive from sustainable activities by the decade's end.
To further bolster its standing as a leader in the energy transition, Moeve aims to concentrate on green molecules, including green hydrogen and second-generation biofuels, alongside developing ultrafast electric mobility solutions. Founded in 1929, Cepsa was originally established as Spain's first private oil firm. However, in light of current global energy demands, the company's transformation into Moeve signifies a decisive step toward sustainable energy solutions.
Wetselaar stated, "Today, the world requires a different type of sustainable energy solutions. Moeve allows us to confront the future with greater confidence, maintaining a commitment to our clients to enhance the supply of affordable energy solutions, facilitating their decarbonization journey.'
Moeve's strategic shift has already seen the company divesting exploration and production assets in Colombia and Peru, as well as in Abu Dhabi, resulting in a reduction of nearly 70% of its oil production assets from 2022. Notably, the energy company has also announced the sale of its subsidiary Gasib, which was involved in butane, propane, and autogas.
Since introducing its new strategy in March 2022, Moeve has made great strides in various projects and cultivated alliances with over 60 companies across different sectors. Key projects include the development of the Andalusian Green Hydrogen Valley, projected to have a 2000 megawatt capacity by 2030, and initiating the first maritime corridor between the ports of Algeciras and Huelva and the port of Rotterdam.
Moreover, Moeve is focused on creating new plants for green methanol and ammonia and is in the process of establishing the largest second-generation biofuel complex in southern Europe, located in Palos de la Frontera, Huelva, with an annual output capacity of one million tons of sustainable aviation fuel and renewable diesel.
Currently, Moeve markets sustainable fuels in seven of Spain's major airports and over 60 ports across the country. The company's partnership with various entities has propelled the development of around 30 biogas plants in Spain while exploring waste valorization for biogas production, which serves as a natural gas substitute.
Moeve's network of service stations now boasts over 160 operational ultrafast charging points, with plans to expand this to 400 by the end of the year, thereby contributing to one of the largest ultrafast charging networks in Spain and Portugal. The transition also includes revamping its chemical product lineup toward more sustainable offerings, including biodegradable base materials for detergents and isopropyl alcohol produced from green hydrogen.
In addition to corporate initiatives, the newly formed Moeve Foundation aims to support ecological transition efforts and enhance the quality of life for vulnerable communities, emphasizing a fair and inclusive shift in environmental, educational, and social sectors.
Overall, Moeve's rebranding encapsulates a promising vision for a sustainable future within the European energy landscape, positioning itself not just as an energy provider—but as a leader advocating for transformative changes in energy consumption and production.
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