The United Arab Emirates’ state-owned energy company, Masdar, is set to invest in Austria’s largest hydrogen project, managed by oil and gas firm OMV. An agreement announced by Austria’s economy minister during the ADIPEC energy fair in Abu Dhabi reveals that Masdar will acquire a 49% stake in a planned electrolysis plant located in Bruck an der Leitha, while OMV will maintain a 51% stake and operational control. The investment is expected to reach a high three-digit million amount.
This partnership represents a significant advancement in the economic relationship between Austria and the UAE. Notably, the UAE’s state-owned oil company, ADNOC, is already a major stakeholder in OMV, holding a 24.9% share. OMV CEO Alfred Stern highlighted the significance of this direct investment from Abu Dhabi as a novel development in bilateral ties.
The 140-megawatt electrolysis plant is slated to become operational by the end of 2027 and aims to produce up to 23,000 tonnes of green hydrogen annually. This facility is poised to be the largest of its kind in Austria and ranks among the top five in Europe. Through this investment, Masdar and OMV are positioning themselves at the forefront of the green hydrogen market, furthering their commitment to sustainable energy solutions.