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The European Investment Bank – EIB is lending OMV, the Austrian integrated energy, fuels, and chemicals company, €450mn for green hydrogen production unit construction at its site in Bruck a der Leitha in Lower Austria so as to help decarbonize industry, keep Europe leading the way in clean technology, and establish a more reliable energy system. The loan is the largest investment by EIB to date in the energy sector in Austria and makes up almost three-quarters of the estimated €600 million investment cost. Construction of the green hydrogen plant is underway and is projected to begin by 2027 end.
The green hydrogen production unit will operate on renewable electricity and be equipped with a 140 MW electrolyzer. Once fully operational, it will generate as much as 23,000 tonnes of renewable hydrogen per year, making it the biggest of its kind in Austria and one of the five biggest in Europe.
The Schwechat refinery of OMV will be supplied with renewable hydrogen via a 22-kilometer pipeline, which will over time replace the fossil-based hydrogen currently utilized in refinery processes. The investment is anticipated to reduce the refinery’s direct CO2 emissions by as much as 150,000 tonnes per annum – some 10% of present direct emissions – and lay the foundation for future manufacturing of sustainable aviation fuels as well as other low-carbon products.
According to Karl Nehammer, EIB Vice President, during a site visit, “Green hydrogen is a cornerstone of Europe’s transition to a competitive, climate-neutral, and secure energy system. By supporting green hydrogen production at industrial scale, we are strengthening Europe’s competitiveness, reinforcing our energy security, and helping to decarbonize refining by replacing fossil-based hydrogen with renewable hydrogen. This investment also lays the foundation for the future production of sustainable aviation fuels, supporting the EU’s climate and energy security objectives.”
The operation strengthens the role of the EIB as the EU Climate Bank by financing strategic infrastructure in order to speed up the production of renewable hydrogen at an industrial level. The project also supports the TechEU initiative by EIB, helping to reinforce Europe’s electrolysis value chain while contributing to the European Green Deal and REPowerEU objectives.
Says Deputy Chairman of the Executive Board of OMV Aktiengesellschaft and Chief Financial Officer Reinhard Florey, “The European Investment Bank’s loan commitment is a strong signal of confidence in OMV’s transformation strategy and our ability to deliver large-scale projects that drive industrial decarbonization. This investment is of strategic importance for both Austria and Europe. By producing green hydrogen in Austria, we are strengthening Europe’s energy value chain, enhancing energy security, and contributing to a more sustainable energy system. The construction of one of Europe’s largest green hydrogen plants marks a major milestone in the decarbonization of our industrial processes. Once operational, the facility will make a significant contribution to reducing CO₂ emissions at our Schwechat refinery and underscores our ambition to actively shape the energy transition in Austria and across Europe.”
OMV is boosting its production of renewable hydrogen as well as renewable fuels as a component of its Strategy 2030 and its road map to net-zero emissions by 2050. The EIB-financed project in Bruck a der Leitha is anticipated to be a pillar of this phase of change, substituting fossil-based hydrogen with renewable hydrogen in conventional refinery processes.