UAE’s Masdar to invest in Austria largest hydrogen project

The United Arab Emirates’ state-owned energy company Masdar will invest in Austria’s largest hydrogen project, run by oil and gas firm OMV (OMVV.VI), Austria’s APA news agency reported on Wednesday.

According to an agreement with the Emirati government announced by Austria’s economy minister at the ADIPEC energy fair in Abu Dhabi, Masdar will hold a 49% stake in the planned electrolysis plant in Bruck an der Leitha, while OMV will retain a 51% stake and operational management, APA reported.

The deal would mark a step further in economic ties between Austria and the United Arab Emirates, whose state-owned oil company ADNOC is already the second-largest shareholder in partially state-owned OMV with a 24.9% stake.

The 140-megawatt electrolysis plant, which is planned to be operational by the end of 2027 and will produce up to 23,000 tonnes of green hydrogen, is set to be the largest of its kind in Austria and one of the five largest in Europe.