UAE energy firm Masdar is raising its profile in Europe after buying a 49% stake in Austria’s largest green hydrogen project, according to agency reports.
Austrian integrated energy and petrochemicals company OMV is building a 140MW electrolyser which is expected to produce up to 23,000 tonnes of green hydrogen annually, once it opens at the end of 2027, if all goes to plan. The hydrogen will be used to decarbonise the nearby OMV Schwechat refinery by replacing hydrogen currently derived from natural gas.
The investment shows how global partnerships are trying to deliver green hydrogen. Masdar, which has been working on green hydrogen since 2008, aims to be a leading producer by 2030.
Austria, targeting climate neutrality by 2040, is striving to install 1GW of electrolysis capacity by 2030 and to replace 80% of grey (fossil-based) hydrogen in industry by the same year.
The strategy also involves a mandatory green gas quota for suppliers, reaching 9.75% (or 7.5 TWh) by 2030. These targets are supported by the Hydrogen Strategy for Austria and initiatives like the country’s Renewable Gases Act, along with funding of up to €400m.
Last month Masdar signed a memorandum of understanding with Etihad Rail, the developer and operator of the UAE’s national railway network, to explore transport solutions for the green hydrogen value chain.
The companies will assess opportunities to transport feedstocks and products along the green hydrogen and derivatives value chain, including hydrogen, ammonia, methanol and sustainable aviation fuel.
