The plant, which is already being constructed at OMV’s Schwechat refinery, is expected to come online in 2027 to replace volumes of grey hydrogen already used at the site.

Under the new joint venture, OMV will look to lean on Masdar’s commercial and financial strength in developing and operating clean energy projects.

Pending shareholder and regulatory approvals, the joint venture will close in early 2026.

It builds off a 2023 heads of terms agreement between the pair to explore using green hydrogen to clean up OMV’s refinery assets.

OMV took final investment decision on the project in May, claiming it could cut carbon dioxide emissions by around 150,000 tonnes per year. It will add to a 10MW electrolyser that came online in April.

The Schwechat project also secured a share of €250m ($288.5m) in subsidies from the Austrian government.

For Masdar, it strengthens its foothold in Europe and clean hydrogen.

“This joint venture will accelerate the decarbonisation of hard-to-abate industries and advance the development of a sustainable hydrogen economy in Europe,” said Masdar CEO, Mohamed Jameel Al Ramahi.

OMV Chairman and CEO Dr Alfred Stern said the partnership was a “significant step forward.”