Metacon Secures €2.6M Payment, Fueling Greece's Green Hydrogen Hub

STOCKHOLM, SWEDEN – February 27, 2026 – Swedish green hydrogen specialist Metacon AB announced today it has received a significant milestone payment of EUR 2.6 million (approximately SEK 27.7 million) from its customer, Motor Oil Hellas. The payment marks a critical step forward in the delivery of a landmark 50 MW electrolysis plant in Corinth, Greece, one of the largest industrial green hydrogen projects in Southern Europe.

The payment follows the successful completion, testing, and customer approval of a majority of the plant's power electronics components, including essential transformers and rectifiers. This achievement validates Metacon's execution capabilities on a complex, large-scale project and signals that the ambitious initiative to create a major hub for fossil-free hydrogen is advancing according to plan.

A Financial Boost Amidst Rapid Growth

For Metacon, a company in a phase of aggressive expansion, the EUR 2.6 million payment is more than just a line item; it is a vital injection of capital and a powerful vote of confidence from the market. This milestone payment is a tangible result of the company's impressive growth trajectory. In its 2025 year-end report, Metacon reported a staggering 488% increase in full-year net revenue, reaching SEK 237.8 million, largely driven by progress on major contracts like the Motor Oil Hellas project.

While such rapid growth often comes with significant investment and operational costs—reflected in the company's operating loss of SEK 58.0 million for 2025—these milestone payments are crucial for maintaining healthy cash flow and funding ongoing operations. The market has reacted positively to this strategy, with Metacon's stock price seeing a dramatic increase of over 580% in the year leading up to February 2026. The news of the payment provided a further modest boost, reinforcing investor belief in the company's long-term value proposition.

This payment is part of a much larger financial framework for the Corinth project. It follows a previously received payment of EUR 14.9 million for the delivery of ten 5 MW electrolyzer stacks. The steady stream of payments tied to concrete deliverables demonstrates a well-managed project structure that de-risks the venture for both the supplier and the customer, building a foundation of trust for the complex work ahead.

Powering Greece's Green Revolution

The 50 MW electrolysis plant is a cornerstone of Motor Oil Hellas's strategy to decarbonize its industrial operations and a flagship project for Greece's national energy transition. Located at the Corinth refinery, the plant will use renewable energy to split water into hydrogen and oxygen, producing a clean fuel that can help reduce the carbon footprint of heavy industry.

The project's scale has grown since its inception. Initially contracted in August 2024 as a 30 MW facility, the agreement was expanded in March 2025 to a total capacity of 50 MW, reflecting a deepening commitment from Motor Oil Hellas and growing confidence in the technology and its supplier. This expansion underscores the strategic importance of green hydrogen in the region's push for energy independence and adherence to European climate goals.

Significantly, the project also brings direct economic activity to Greece. Metacon is leveraging its local presence, with the final assembly and manufacturing of key subsystems set to commence shortly at its factory in Patras. This localizes part of the high-tech manufacturing process, fostering skills and contributing to the regional economy. The partnership was further solidified recently with a new add-on contract awarded to Metacon on February 16, 2026, for an advanced oxygen purification system, demonstrating the ongoing, collaborative nature of the relationship.

The Technology Behind the Transition

At the heart of the Corinth plant are pressurized alkaline electrolyzers, a robust and mature technology well-suited for large-scale, continuous industrial hydrogen production. This technology is known for its reliability and cost-effectiveness, making it a pragmatic choice for a project of this magnitude.

Metacon's ability to deliver such a solution is bolstered by its strategic partnership with global leader PERIC Hydrogen Technologies. In a key strategic move, Metacon secured an exclusive license agreement in January 2024 to manufacture PERIC's technology in Europe. This transforms Metacon from a distributor into a full-fledged manufacturer, giving it greater control over the supply chain, production costs, and technological integration. This move is central to the company's ambition to build a "Gigafactory" for electrolyzers, positioning it as a key European player in the hydrogen hardware market.

While the Motor Oil Hellas project focuses on electrolysis, Metacon's technological expertise is diverse. The company also develops and patents its own reforming technology, HIWAR®, which can produce hydrogen from sources like biogas. This dual focus on both electrolysis and reforming allows the company to address a wider spectrum of the burgeoning clean hydrogen economy.

Navigating Milestones and Market Momentum

With the successful delivery and approval of the power electronics, the project is now poised to enter its next critical phase. The remaining power units are scheduled for delivery in March, after which the focus will shift to the final assembly and integration of all subsystems at the Patras factory.

Each completed milestone builds momentum, not just for this specific project but for the broader green hydrogen market in Southern Europe. The European Union has set ambitious targets for hydrogen production and use, and projects like the one in Corinth are essential for turning those targets into reality. The industrial sector is expected to be the primary driver of hydrogen demand through 2030, and the Metacon-Motor Oil Hellas collaboration is a prime example of this trend in action.

As work on the final assembly and manufacturing of key subsystems at Metacon's factory in Patras commences, all eyes will be on the successful integration and commissioning of the plant. The progress so far serves as a strong indicator that one of Southern Europe's most significant investments in industrial decarbonization is firmly on the path to completion.