(Alliance News) - Eni Spa announced Thursday that Azimut Benetti Group and Eni Sustainable Mobility have signed an agreement for the supply and use of HVOlution, the biofuel produced from 100 percent renewable raw materials.

This is the first agreement related to the yachting industry aimed at decarbonizing the recreational boating sector.

HVOlution is a biofuel composed of 100 percent HVO, hydrogenated vegetable oil: it is produced in Eni Sustainable Mobility's Venice and Gela biorefineries from waste feedstocks and vegetable residues or from oils generated from crops that do not compete with the food chain, in a circular economy model applied to mobility.

"If the entire logistics-production chain is considered, the reduction of emissions by HVOlution can reach up to 90 percent compared to the fossil reference mix, depending on the raw materials used for its production," Eni explained.

Starting next summer, the Azimut|Benetti group will introduce HVOlution as a replacement for the fossil fuel used today by the Azimut and Benetti brands for technical testing of new yachts, sea trials, and handling of prototype models. In addition, new Azimut models will be able to be delivered to owners with an initial supply of HVOlution biofuel.

The collaboration between the Azimut Benetti Group and Eni Sustainable Mobility will be inaugurated in early June with the first voyage of Azimut's new Magellano 60, which will travel from Savona to Taormina for the international premiere at the Yachting Gala, an event organized by Azimut for more than 600 shipowners from around the world.

"This first supply of biofuel to the yachting sector confirms how Eni Sustainable Mobility can also accompany ship operators on the path to decarbonization. The agreement with the Azimut|Benetti Group is a first step that will be followed in the coming months by the expansion of HVOlution sales to the marine sector as well," said Stefano Ballista, managing director of Eni Sustainable Mobility.

"For the Azimut|Benetti Group, this agreement represents a concrete step forward on the course mapped out to reduce CO2 emissions. An achievement that allows us to broaden the area of action to reduce emissions by involving the supply chain, focusing on energy decarbonization. "Currently, more than half of Azimut's fleet is made up of Low Emission boats, and Benetti has built the world's largest hybrid yacht, as well as winning the Green yacht of the year 2022 award with the 37mt BYond," stressed Giovanna Vitelli, president of the Azimut Benetti group.

Eni's stock is up 2.6 percent to EUR12.78 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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