- OMV’s important transformation to become a net zero company by 2050
- OMV to invest 40 per cent of planned annual Group investments in sustainable projects by 2030
OMV, the integrated energy, fuels & feedstock, and chemicals & materials company headquartered in Vienna, is undergoing an important transformation as part of its target to become carbon neutral by no later than 2050. Some 40 per cent of the planned annual Group investments to support organic growth has been designated for sustainable projects. As part of this journey, OMV is investing in and collaborating with startups and technology frontrunners in the energy sector to drive progress in its low carbon business unit. Some EUR 5 bn in investments have been earmarked until 2030 in projects such as low carbon geothermal energy, Carbon Capture and Storage (CCS), and further renewable power solutions.
“We established a dedicated Low Carbon Business unit two years ago, which has since gained significant momentum, both at national and international level,” says Beri Gašo, OMV Executive Vice President Energy. “The energy transition needs the brightest minds, so we are delighted to be working with exciting start-ups and renowned institutions to explore novel ways of reducing emissions and develop sustainable energy solutions.”
Next-generation geothermal technology to reach green energy goals
OMV acquired a 6.5% stake in Canadian, privately-owned Eavor Technologies Inc. ("Eavor") for EUR 34 million. Eavor is the world’s leading developer of closed-loop geothermal energy solutions. In addition, OMV and Eavor entered into a commercial agreement to pursue large-scale deployments of Eavor-Loop™ technology in Europe and beyond. Eavor’s technology is based on a closed loop system, installed in deep subsurface rock. A working fluid is circulated between surface and deep subsurface rock in a closed loop, which makes it heat up. As Eavor Loop™ is truly scalable and applicable in various types of geological structures, it will enable OMV to offer heating solutions for district heating networks outside of the normal hydrothermal areas, thereby complementing its existing portfolio of hydrothermal projects.
Energy transition with visionary startups and tech frontrunners
OMV is partnering with Plug and Play, which serves as a hub for innovation and entrepreneurship, connecting startups with corporate partners, investors, and resources. As part of the core of the collaboration, OMV is actively engaged in Plug and Play’s innovation program, which offers a structured and efficient pathway to discover, evaluate, and invest in a selected group of promising startups.
OMV is part of the Verbund X Accelerator for the fourth year in a row. In 2023, OMV is a community partner, which gives the company access to a vast network of idea generators and thought pioneers. The collaboration offers the opportunity to engage with startups and benefit from the innovative potential of the community.
As part of the Verbund X Accelerator program, OMV entered a strategic collaboration with the American startup Compact Membrane System (“CMS”) in 2022. CMS, a technology leader in separation solutions for low-carbon intensity processes, has developed a potential groundbreaking technology for carbon capture. Following intensive research and testing phase, OMV will implement the technology in an industrial setting.
From the drawing board to implementation of sustainable energy solutions
OMV is announcing research funding of approximately six million USD to research teams at Stanford University for the next five years. This funding builds on ten years of existing cooperation with these scholars. It marks a significant step forward for OMV in spearheading the creation of AI-driven tools aimed at sustainable solutions. Among the notable achievements of this support is the development of a smart AI-based decision-making tool to optimize developments in the low carbon business areas. It is capable of not only strategically positioning CO2 injectors, but also selecting the most effective monitoring techniques. This innovation is key in ensuring the highest level of safety in long-term CO2 storage.
With the collaboration with Hycamite, a Finnish startup and a leader in emission-free pyrolysis technology, OMV has access to a technology that can significantly aid the transition towards a low-carbon business. The Hycamite technology breaks methane down into its component elements, hydrogen and carbon, without releasing any greenhouse gas emissions.
OMV is developing and testing innovative technologies for Carbon Capturing (CC), which are now to be tested in a pilot project. Together with Brusche Process Technology, a Dutch specialist in the design and construction of innovative sustainable process plants, a mobile carbon capture pilot plant is being built with the aim of testing these promising technologies for future application on a large scale at various OMV sites.
At OMV, we are re-inventing essentials for sustainable living. OMV is transitioning to become a leading sustainable fuels, chemicals and materials company with a focus on circular economy solutions, while operating today across three integrated business segments of Energy, Fuels & Feedstock, and Chemicals & Materials. By gradually switching over to low-carbon businesses, OMV is striving to achieve net zero by latest 2050. The company achieved revenues of EUR 62 billion in 2022 with a diverse and talented workforce of around 22,300 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S. Further information at www.omv.com