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New Hydrogen Production Facility Secures EU-Backed Permits To Pave The Way For A Greener Future

EU Funding Fuels Hydrogen Innovation In Larnaсa

The first integrated hydrogen production and refueling station in Cyprus has officially secured the required construction permits, simultaneously confirming the necessary co-financing from European funds. Located in the Larnaсa region of Aradippou, the €7.5 million project draws 60% of its capital from EU funding, signaling a strong commitment to sustainable energy development.

Robust Production Capacity With Significant Impact

Once operational, the facility is expected to produce an impressive 150 tons of hydrogen annually—equivalent to approximately 627 tons of diesel. This development marks a crucial early step in the journey toward a broader hydrogen infrastructure, even as additional legislative and procedural milestones remain to be addressed, including potential state partnerships as the market evolves.

Strategic Transition To Hydrogen Fuel Vehicles

In a move reminiscent of the electric vehicle revolution, state officials are actively considering incentive schemes to facilitate the acquisition of hydrogen-powered vehicles. Early proposals indicate a phased approach starting with heavy-duty and public service vehicles, ultimately extending to private transportation. Experts caution that retrofitting existing internal combustion engine vehicles is not feasible; instead, the adoption of purpose-built hydrogen vehicles will be necessary for this transition.

A Complementary Solution To The Energy Storage Challenge

Hydrogen technology promises additional advantages beyond its direct use as a fuel. In a period marked by skepticism toward green energy, harnessing renewable sources for hydrogen production offers a dual solution—energy storage and fuel supply on demand. Unlike electric vehicles, which currently suffer from high energy costs and extended charging times in Cyprus, hydrogen vehicles can be refueled rapidly at dedicated stations, alleviating concerns related to autonomy and downtime.

A Forward-Looking Strategy For Cyprus

This pioneering project represents more than just an energy infrastructure development. It is a strategic move toward reducing emissions in Cyprus and aligning with broader European sustainability goals. By leveraging green hydrogen, Cyprus aims to bridge the gap between renewable energy production and efficient, scalable transport solutions—a transformation that not only curbs pollution but also positions the nation as a leader in the green energy transition.

Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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