MHP Eco Energy to get European Commission's 1.37 mln euro grant to develop biomethane, 'green' hydrogen production in Ukraine

MOSCOW. Dec 7 (Interfax) - MHP Eco Energy, which is in charge of the MHP Ukrainian agricultural holding's energy and environmental projects, has signed an agreement to receive 1.367 million euros in grants as part of the European Commission's Horizon Europe program for research and innovation.

These funds will be invested in developing new innovative biomethane and "green" hydrogen projects in the European Union and Ukraine over the next four years, Ukrainian media said, citing the holding's press service said.

An expert group, which also includes representatives of the Bioenergy Association of Ukraine and European research centers, has been formed to implement this program. They will be working during the next four years to boost the efficiency of biomethane production technologies and "green" hydrogen biomethanization for use instead of natural gas and to reduce the energy dependence of the economies of Ukraine and EU countries.

Horizon Europe is a seven-year scientific research initiative drafted and approved by the European Commission to raise EU science spending levels by 50% over the years 2021-2027 with the aim of overcoming the crises caused by the spread of Covid-19 and other global challenges.

MHP Eco Energy is the MHP holding's individual division founded in 2012. It specializes in biogas production, wholesale trade in solid, liquid and gas fuel and similar products, and electricity generation.

MHP is Ukraine's largest chicken producer. The company also specializes in manufacturing cereals, sunflower oil and meat products. MHP supplies chicken halves to the European market. They are processed at the company's enterprises, including in the Netherlands and Slovakia. The agricultural holding finalized the deal to acquire the Perutnina Ptuj Slovenian company in February 2019.

MHP posted net proceeds of $393 million in 2021 against its $133 million net loss in 2020. Its revenue grew by 25% to $2.37 billion.

MHP's founder, majority stockholder and CEO is Ukrainian businessman Yury Kosyuk.