Complete News World

Cooperation in the energy sector with emerging companies

Cooperation in the energy sector with emerging companies

OMV, the integrated energy, fuel and raw materials as well as chemicals and materials company headquartered in Vienna, is undergoing a significant transformation with the aim of becoming climate neutral by 2050 at the latest. About 40 percent of the group's planned annual investments are allocated to support the organic growth of sustainable projects. As part of its transformation, OMV is investing in startups and technology leaders in the energy sector and working with them to drive progress in their low-carbon businesses. By 2030, around €5 billion are scheduled to be invested in projects such as low-carbon geothermal energy, carbon capture and storage (CCS) and other renewable energy solutions.

“We established our low carbon business area two years ago, which has since gained significant momentum both nationally and internationally,” says Perry Jasso, Executive Vice President of Energy at OMV. “The energy transition needs the brightest minds. That's why we're excited to work with exciting startups and renowned institutions to develop new ways to reduce emissions and sustainable energy solutions.”

Next generation geothermal technology

OMV has acquired a 6.5 percent stake in Eavor Technologies Inc. Privately owned Canadian company (“Eavor”) for €34 million. Eavor is the world's leading developer of closed-loop geothermal solutions. In addition, OMV and Eavor have entered into a commercial agreement to widely deploy Eavor Loop TechnologyTM in Europe and beyond. Eavor's technology is based on a closed-loop system installed deep underground. In a closed circuit, the working fluid circulates between the surface and deep underground rocks, heating them. Because Eavor LoopTM is scalable and applicable in different types of geological structures, it will enable OMV to offer thermal solutions for district heating networks outside of regular hydrothermal districts, complementing its existing portfolio of hydrothermal projects.

See also  Tesla cuts its sales targets, and its shares lose 2%

Energy transition with startups and technology leaders

OMV works with Plug and Play, an innovation and entrepreneurship hub that connects startups with corporate partners, investors and resources. At the core of the collaboration, OMV actively participates in the Plug and Play innovation programme, which provides a structured and efficient way to discover, evaluate and invest in a selected group of promising startups.

OMV is part of the Verbund X Accelerator for the fourth time in a row. In 2023, OMV will be a Community Partner, giving the company access to a huge network of idea generators and thought leaders. This cooperation provides the opportunity to exchange ideas with emerging companies and benefit from the innovation potential of society.

As part of the Verbund Carbon. After an extensive research and testing phase, OMV will apply the technology in an industrial environment.

From the drawing board to implementing sustainable energy solutions

OMV announces approximately $6 million in research funding for research teams at Stanford University over the next five years. This funding builds on ten years of collaboration with these scientists. This is an important step for OMV in developing AI-based tools with the aim of finding sustainable solutions. One of the notable achievements of this support is the development of an intelligent decision-making tool based on artificial intelligence to optimize developments in low-carbon business areas. It is able to not only strategically locate CO2 injectors, but also select the most effective monitoring techniques. This innovation is key to ensuring the highest level of safety in long-term CO2 storage.

See also  Customers can no longer order food

By collaborating with Hycamite, a Finnish start-up and pioneer in zero-emission pyrolysis technology, OMV has access to technology that can significantly support the transition to a low-carbon business. Hecamite technology decomposes methane into its hydrogen and carbon components without releasing greenhouse gas emissions.

OMV is developing and testing innovative carbon capture (CC) technologies, which will now be tested in a pilot project. In collaboration with Brusche:Process Technology, a Dutch company specializing in the design and construction of innovative sustainable process plants, a mobile carbon capture pilot plant is being built to test these promising technologies for future application on a large scale at different OMV sites.

Daniel Smith
International Media Relations
+43 (664) 8567515
+43 (1) 40440 21472
[email protected]

Hinweis: Diese Meldung wurde erstmals am 15. Jänner 2024 von der OMV veröffentlicht.