Masdar, a UAE-based company, invests in Austria's biggest hydrogen project

Austrian news agency APA reported that Masdar, the state-owned energy firm of the United Arab Emirates, will invest in Austria’s largest hydrogen project run by oil and natural gas company OMV.

According to APA, according to an agreement announced by Austria’s economy minister during the ADIPEC Energy Fair in Abu Dhabi, Masdar would hold a 49 percent stake in the planned Bruck an der leitha electrolysis plant, while OMV would retain a 51 percent stake and operational management.

It added that the investment is in excess of three million dollars.

The deal would be a significant step forward in the economic relations between Austria and United Arab Emirates. ADNOC, the state-owned oil firm of the UAE, is already the second largest shareholder in the partially state-owned OMV.

According to APA, OMV CEO Alfred Stern stated that "What's absolutely new" is the direct investment made by Abu Dhabi into Austria.

The 140 megawatt electrolysis plant is expected to be operational in 2027, and produce up to 23000 tonnes of green hydrogen. It is the largest facility of its kind to date in Austria, and among the top five in Europe.

(source: Reuters)