The idea of creating Verd dates back to 1998, before the official founding of the company, when Stamoulis Stournas, then professor at the National Technical University of Athens, suggested to the Administration of ELINOIL SA, specifically to the CEO Haris Kinigos and the Manager of Development Yannis Courouclis, that ELINOIL should become involved in biodiesel.

Thus, our History is divided into three periods.



November 1998

Participation in the ALTENER programme on the theme Biodiesel Penetration into the Greek market, in collaboration with the National Technical University of Athens and the Austrian Institute IMU.

Summer 1999 και 2000

Introduction of biodiesel into Greece and pilot distribution in Thrace’s region by the Elin network of petrol stations.

April 2000

Participation in the ALTENER programme to investigate the creation of a biodiesel production unit in north-eastern Greece in collaboration with the National Technical University of Athens, the Center for Renewable Energy Sources (CRES) and the Austrian Biofuels Institute (ABI).

September 2003

The design of an 8,000 MT biodiesel production plant was assigned to Petrotec Biodiesel GMBH.

December 2003

Purchase of 9,500 m2 of land in the Volos Industrial Zone.

Spring 2004

Decision to change the production capacity to 40,000 MT with the option of increasing it to 80,000 MT with a new budget of 11 million euros.

Autumn 2004

ELINOIL enrolls in the EBB (European Biodiesel Board) as an associate member.

Autumn 2004

Assignment of the detailed engineering plans to a Greek engineering company.

July 2005

Decision to proceed with the investment through a subsidiary company.

The Elin Biofuels period

August 2005

Elin Biofuels is founded, 100% subsidiary of ELINOIL S.A..

The construction of the plant entrusted to Elin Techniki – Excavations begin.

November 2005

Capital share increase from 200 thousand to 5 million euros and the purchase of land, permits, know-how, etc. is transferred from ELINOIL to Elin Biofuels.

Elin biofuels replaces ELINOIL on the ΕΒΒ (European Biodiesel Board), as a full member.

August 2006

Expansion of the plant’s land through the purchase of an additional 4,000 m2.

Inclusion of the investment in the development Law framework. The final subsidy rate was 18.5%.

March 2007

Change of share composition with the acquisition of a majority package by Yannis Courouclis.

May 2007

Completion of the factory construction.

June 8 2007

Commencement of operations and production.

November 2007

The President of Elin Biofuels L. Antonakopoulos is elected member of the Administrative Council of EBB (European Biodiesel Board).

February 2008

Increase of production capacity to 80,000 MT.

April 2010

Application to RAE, (Regulatory Authority for Energy) for permit for the construction of a biogas anaerobic fermentation power plant.

October 2010

Elin Biofuels obtains permit to for a 3 MW plant.

December 2010

A contract of the construction of the power plant is signed between Elin Biofuels and AustrianTHOENI

January 2011

The foundation of the subsidiary company ”Prasino Ladi” for the collection of used cooking oil.

August 2012

A contract is signed with BDI (BioEnergy International AG) for the retrofit of the Volos plant in order to use exclusively Used Cooking Oil and Animal Fat as raw materials and the distillation of the final product.

November 2012

Decision to stop the investment in Biogas, after the unexpected decision by the Government to impose a special tax of 10% on total sales of renewable electricity. This decision would wipe out any profit from the investment and make such an investment in Greece exceptionally risky.

July 2013

Founding of EWABA (European Waste to Advanced Biofuels Association). Elin Biofuels is among the founding members and member of the BD ever since.

December 2013

Completion of the retrofit and commencement of operations of the new production procedure.

November 2017

Agreement for cooperation with the startup.

June 2018

Establishment of a new branch of the Company dedicated to the provision of smart energy systems.


November 2018

Agreement to participate in GIVE Company through a capital injection.

December 2018

Elin Biofuels changes its name to Elin Verd, so that its name covers its new activities.

2018 – 2019

Preparation for participation in European programmes supporting the new activity. Successful participation in three Horizon 2020 programs.

March 2019

Successful operation of the first pilot home microgrid with a hybrid photovoltaic and battery system.

September 2019

Completion of the basic staffing of the new department of Smart Energy Systems.

October 2020

Verd Solar Parks starts the production of solar energy, with two photovoltaic parks in Attica.

November 2020

The company receives a license for electricity trading and a license for the Cumulative Representation Body (FOSE).

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