In a significant shift toward low-carbon energy, Spain’s second-largest oil company, Cepsa, has rebranded as Moeve. The announcement was made on Wednesday by CEO Maarten Wetselaar, who emphasized the move as part of the company’s broader transition to sustainable energy solutions. Founded in 1929 as Compañía Española de Petróleos SA, the company’s new name reflects its evolving focus on green initiatives.
Backed by Mubadala of Abu Dhabi and U.S. private equity firm Carlyle Group, Moeve has committed up to €8 billion for investments in green hydrogen, biofuels, and electric mobility. “After 90 years as Cepsa, we are thrilled to announce our transformation into Moeve, marking our journey to becoming a different type of organization focused on sustainability,” said Wetselaar.
Strategic Shift and Investment Plans
As part of its transition, Moeve has sold a significant portion of its upstream assets in Abu Dhabi and South America, divesting nearly 70% of its oil production operations since 2022. Current initiatives include a major green hydrogen facility with a projected capacity of 2 gigawatts, as well as plans to build Southern Europe’s largest biofuels plant in Andalusia.
The company, which employs around 11,000 people, will gradually update branding across its 1,800 service stations in Spain and Portugal.
