Metacon announces customer payment of EUR 1.2 million and release of previously restricted bank funds
Metacon has received a customer payment of EUR 1.2 million (corresponding to approximately SEK 13.2 million at today’s exchange rate) from Motor Oil Hellas in connection with the delivery of equipment manufactured at Metacon’s factory in Patras, Greece, for the ongoing 50 MW electrolysis project. In addition, previously restricted bank funds of EUR 990 thousand have been made available following the release of a bank guarantee related to the delivery of engineering documentation in the MOH project.
The payment relates to the project with Motor Oil Hellas in Corinth, Greece, where pressurized alkaline electrolyzers, together with certain auxiliary equipment and automation solutions, are being delivered as part of one of Southern Europe’s largest investments to date in industrial, electrolysis-produced hydrogen. Metacon signed the contract for the project in the autumn of 2024 and an agreement for an additional order in the spring of 2025.
The customer payment is linked to equipment manufactured at Metacon’s factory in Patras, Greece, and delivered within the framework of the ongoing 50 MW electrolysis project. In addition, bank funds previously restricted in connection with a bank guarantee for the delivery of engineering documentation in the project have now been released and made available to Metacon.
Work on the final assembly and manufacturing of key subsystems at Metacon’s factory in Patras, Greece, is progressing well, and deliveries to Corinth will be happening throughout the summer period.
For more information about the above-mentioned customer agreement, please refer to the press releases dated 8 August 2024 and 24 March 2025.
For more information, please contact:
Christer Wikner, President & CEO, +46 707 647 389, [email protected]
About Metacon AB (publ)
Metacon AB (publ) is a Swedish developer, manufacturer, and supplier of hydrogen production systems, covering design, installation, service, and maintenance. The company is listed and traded on Nasdaq First North Growth Market in Stockholm, Sweden.
Metacon’s Electrolysis business unit designs and delivers complete electrolysis plants for large-scale hydrogen production, developed in close partnership with one of the global leaders in pressurized alkaline electrolysis technology - PERIC Hydrogen Technologies in Handan, China.
Metacon’s Reforming business unit develops hydrogen generation solutions based on its patented HIWAR® catalytic reactor technology. These solutions consist of advanced, high-efficiency reformers that produce hydrogen through catalytic steam reforming, operating on biogas, biomethane, or other renewable feedstocks such as bioethanol and green ammonia, without the need for grid connection.