OMV, Verbund Team Up on Renewable Power Projects
July 01 2019 - 5:49AM
Dow Jones News
By Anthony Shevlin
Austrian oil-and-gas company OMV AG (OMV.VI) and electricity
provider Verbund AG (VER.VI) on Monday signed memorandums of
understanding to strengthen their energy cooperation.
OMV said the first joint project will be to build Austria's
largest photovoltaic plant and both companies are evaluating
options to build an electrolytic hydrogen production facility.
The photovoltaic plant is set to start operating in the fourth
quarter of 2020, OMV said.
The companies have been strategic partners since 2017 when OMV
acquired a 40% stake in the e-mobility provider Smatrics, in which
Verbund holds 40% and Siemens AG (SIE.XE) 20%.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
July 01, 2019 05:34 ET (09:34 GMT)
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