Carlyle-Backed Moeve Breaks Ground on €1B Green Hydrogen Project
CG is trading near its 52-week low of $39.16 (4.0% above the low).
Summary
Moeve, owned by Carlyle and Mubadala, broke ground on its Onuba green hydrogen project in Spain, a €1B investment with over €300M in EU subsidies. CEO Maarten Wetselaar says green hydrogen is now competitive with grey hydrogen due to high natural gas prices, reviving demand. The project is part of an €8B low-carbon transformation plan. Moeve is also in talks with Galp to combine refining, chemicals, and fuel retail businesses, with an agreement expected by year-end. This signals Carlyle's continued push into energy transition assets and could enhance the value of its stake.
At the time of this announcement, CG was trading at $40.72 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $14.3B. The 52-week trading range was $39.16 to $69.85. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.