OMV to lead 600 million euro hydrogen project alone after Masdar exit

OMV will proceed alone with its 'UpHyLarge' green hydrogen project in Bruck an der Leitha after its partner, the Abu Dhabi-based renewable energy company Masdar, withdrew from the venture. Originally, Masdar was set to hold a 49 percent stake in the joint venture, bringing a multi-hundred million euro investment to the project.

The 600 million euro electrolysis plant is expected to be operational by the end of 2027. Once running, it aims to produce up to 23,000 tons of hydrogen annually starting in 2028 using renewable energy sources such as wind, solar, and hydropower. The green hydrogen will be transported via a 22-kilometer pipeline to the Schwechat refinery to replace fossil-based hydrogen.

Funding for the project includes a 450 million euro loan from the European Investment Bank and a promised subsidy of up to 123 million euros from the Austrian Republic. OMV attributed Masdar's exit to strategic changes in Abu Dhabi but noted that cooperation between the two companies will continue in other areas.