Austria's OMV to collaborate with startups in low carbon energy innovation

Austrian energy company OMV plans to invest in and collaborate with startups and technology pioneers in the energy sector to drive advancements in its low carbon business unit, it said on January 15.

OMV has allocated €5bn for investments in low carbon projects, extending its focus until 2030. The company's investment portfolio will encompass low carbon geothermal energy, carbon capture and storage (CCS), and additional renewable power solutions, signaling a significant shift towards cleaner energy alternatives.

"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," stated Beri Gaso, OMV executive vice president energy.

OMV is aiming to become carbon neutral by no later than 2050. Some 40% of the planned annual group investments to support organic growth has been designated for sustainable projects.