MOL teams up with InoBat on hydrogen fuel cell development

MOL teams up with InoBat on hydrogen fuel cell development
MOL's HQ in Budapest
By bne IntelliNews May 20, 2019

Hungarian oil and gas company MOL has signed a memorandum of understanding on the development of hydrogen fuel cell projects in Central and Eastern Europe with regional accelerator InoBat, it was announced on May 17.

The cooperation involves the purchase and supply of hydrogen, the development, and testing of hydrogen-rich liquid fuels, and the distribution, the Hungarian oil company said. In addition, it is also possible to create a new production plant for fuel recycling. MOL is pushing for support for innovative projects in the region due to the transformation of mobility services, managing director of innovation, Oszkar Vilagi said.

The Hungarian company is pursuing alternative investments in line with its long-term strategy. MOL's 2030 strategy approved in 2016, aims to decrease the company’s dependence on its core business and diversify its reach to new areas. MOL’s management set the goal of increasing the share of revenues from non-core areas such as retail, transportation or e-mobility services to 30% of total revenues by 2030.

Prague-based InoBat connects the energy industry of the region with the most up-to-date technologies by creating joint ventures. Inobat is engaged in three industry verticals, electro-mobility, energy storage, and hydrogen.

MOL's decades of experience could accelerate the use of hydrogen fuel cell technology and help create an integrated European value chain for alternative fuel and e-mobility, said InoBat co-founder and CEO Marian Bocek.