Cepsa has announced that it is taking on the new brand Moeve to position itself as ‘a leader in sustainable energy and mobility’.
In a statement issued today (30 October), the company’s CEO Maarten Wetselaar said: ‘I'm thrilled to announce that a great brand, Cepsa, which has been with us for over 90 years, is transforming and to tell the world that we’re becoming a different type of organisation, Moeve, in which the majority of profits will come from sustainable activities by the end of this decade.’
Wetselaar added that the new brand aims to reflect the company’s ‘steadfast commitment to leading Europe’s energy transition, particularly in green hydrogen, second-generation biofuels, and ultra-fast electric mobility’.
The CEO continued: ‘Today, we are launching Moeve as the insignia of the next chapter in our history within the energy sector. Our company was founded in 1929 as Compañía Española de Petróleos SA to build Spain's first refinery and lead the nation’s initial energy transition. For nearly a century, Cepsa has played a crucial role as a driver of Spain’s economic progress and growth. Yet, today, the world requires new, more sustainable energy solutions. Moeve enables us to approach the future with greater confidence and a solid commitment to our customers: expanding the availability of sustainable and affordable energy solutions, supporting their decarbonisation efforts, and advancing together in this new energy transition for a better world.’
The rebrand ties in with the company’s 2030 Positive Motion strategy, which was launched in March 2022 to ‘reinforce its full commitment to sustainable energy and mobility’.
As part of the new strategy, Moeve has been developing the Andalusian Green Hydrogen Valley, which will have a capacity of 2000 MW in 2030, working on new green methanol and ammonia plants and participating in the creation of the first maritime corridor between the ports of Algeciras and Huelva and the port of Rotterdam.
Additionally, it is developing what will become the largest 2G biofuels plant in southern Europe, located in Palos de la Frontera (Huelva), with an annual production capacity of one million tonnes of sustainable aviation fuel (SAF) and renewable diesel (HVO). Currently, Moeve already markets these sustainable fuels at seven major Spanish airports and at the more than 60 ports where it operates in the country.
The company also been exiting some areas of the energy sector. Earlier this year, it announced the sale of its exploration and production assets in Colombia and Peru. Following the sale of its Abu Dhabi assets in 2023, the company has now divested close to 70% of its oil production assets compared to 2022.
