The Austrian oil and gas company OMV has received $450 million from the European Investment Bank (EIB) as part of the financing of Austria's largest plant for the production of environmentally friendly hydrogen. This will be reported on the EC website.
The project includes the construction of a 140 MW plant to reduce CO₂ emissions from a refinery in Schwechat (Austria) and the production of "green" hydrogen in order to strengthen the infrastructure of renewable energy sources and decarbonization of industrial processes.
The total cost of the project is 600 million euros ($700 million) and is EIB's largest investment in the Austrian energy sector.
After commissioning in 2027, the plant will produce up to 23,000 tons of renewable hydrogen, which will be transported via a new 22 km pipeline to the OMV refinery in Schwechat to replace hydrogen from fossil fuels during the refining process.
The project is in line with OMV's decarbonization strategy by expanding production of renewable hydrogen and biofuels.
OMV is an Austrian integrated energy and chemical company. The headquarters is located in Vienna (Austria).
