Moeve is significantly increasing its investment in green hydrogen, with nearly 70% of its capital expenditure in the first half of 2026 directed toward energy transition projects as the company advances construction of the Andalusian Green Hydrogen Valley—set to become the largest green hydrogen project in Europe.
The Spanish energy company invested €605 million during the first six months of the year, a 20% increase compared with the same period in 2025. A record 69% of that spending was allocated to low-carbon projects under Moeve’s Positive Motion strategy, which aims to position the company as a leading producer of renewable hydrogen and other green molecules.
A major milestone is expected in September, when Moeve plans to hold the groundbreaking ceremony for the first 300 MW phase of the Andalusian Green Hydrogen Valley following its final investment decision. Once fully developed, the project is expected to become one of Europe’s largest renewable hydrogen production hubs.
Green hydrogen is at the heart of Moeve’s long-term strategy to decarbonise industry while strengthening Europe’s energy security. The hydrogen produced at the Andalusian complex is intended to supply hard-to-abate industries and support the production of sustainable fuels, helping reduce dependence on imported fossil fuels.
The company also published a report during the period highlighting the strategic importance of green molecules, concluding that renewable hydrogen and its derivatives could reduce Europe’s reliance on imported energy by around half by 2040.
Moeve’s broader hydrogen ambitions extend beyond production. During the first half of 2026, the company became a founding member of the European Resilience Alliance, a coalition of industrial leaders working to accelerate Europe’s clean hydrogen economy and strengthen the continent’s industrial competitiveness and energy independence.
Alongside hydrogen, Moeve continues to expand its renewable fuels business. The company signed a sustainable aviation fuel (SAF) supply agreement with DHL Express, secured financing for logistics infrastructure supporting its second-generation biofuels complex in Huelva, and entered partnerships aimed at helping industrial customers reduce emissions.
Financially, Moeve reported strong first-half results despite continued geopolitical uncertainty. Clean CCS EBITDA reached €1.18 billion, while net income increased 41% year-on-year to €458 million. Operating cash flow totaled €762 million, allowing the company to continue investing heavily in its energy transition projects while reducing leverage to 1.2x.
Moeve also confirmed that discussions with Portuguese energy company Galp regarding a proposed downstream combination continue to progress, with a potential agreement targeted for the second half of 2026. The transaction could strengthen the Iberian Peninsula’s position as a major hub for renewable fuels and green hydrogen production.
As Europe seeks to scale domestic renewable hydrogen production, Moeve’s investments highlight the growing role of green hydrogen in decarbonising heavy industry, supporting sustainable fuels and enhancing long-term energy resilience. The Andalusian Green Hydrogen Valley is expected to become a cornerstone of that strategy, reinforcing southern Spain’s position as one of Europe’s emerging hydrogen hubs.