Austria's OMV to build green hydrogen electrolysis plant
Austria's OMV energy, chemicals and fuels company on Wednesday announced approval of funds to construct an electrolysis plant to produce green hydrogen.
The partially state-owned company headquartered in Vienna said hundreds of millions of euros had been set aside for the project.
The project to produce hydrogen from renewables is in line with European Union targets.
Construction start for the 140-megawatt plant in Bruck an der Leitha to the south-east of Vienna is subject to funding commitments. With its intended annual capacity of up to 23,000 metric tons, the plan would be one of the largest of its kind in the EU, OMV said.
German energy concern RWE recently announced that it would supply green hydrogen to its Leuna refinery near Leipzig from 2030. The hydrogen is to be produced in Lingen in north-western Germany, where RWE is constructing a 300MW electrolysis plant set for completion in 2027.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Crypto-Friendly Bank Revolut Eyes Expansion Into Derivatives
Digital bank Revolut could be planning to expand the scope of its cryptocurrency exchange with a derivatives offering, a new job posting on its website suggests. Revolut is recruiting a general manager of crypto derivatives who will be tasked with taking a new derivatives offering "from zero to scale," according to the job specification. The London-based firm debuted its crypto exchange for professional traders in the U.K. in May 2024 before rolling it out across the European Union six months later. The market for crypto derivatives in the U.K. has gathered some momentum in recent months with the debut of the first centrally-cleared and Financial Conduct Authority (FCA)-regulated derivatives platform GFO-X last month. Mike Novogratz' crypto financial services firm Galaxy is also eyeing a slice of this pie, with its U.K. arm securing FCA approval to execute derivatives trading in April.
Yahoo
an hour ago
- Yahoo
US seeks best trade offer from countries this week, White House says
By Jeff Mason and Jarrett Renshaw WASHINGTON (Reuters) -The U.S. has asked countries to make their best offers on trade negotiations by Wednesday, White House spokeswoman Karoline Leavitt said on Tuesday, as U.S. officials ramp up efforts to deliver multiple agreements to President Donald Trump before a self-imposed deadline just five weeks away. Leavitt's comments confirm a report by Reuters on Monday that the Trump administration was asking countries to list their best proposals in a number of key areas, including tariff and quota offers for purchase of U.S. industrial and agricultural products and plans to remedy any non-tariff barriers. In turn, the letter promises answers "within days" with an indication of a "landing zone," including what tariff rates countries can be expected to be saddled with after a 90-day pause on Trump's "Liberation Day" tariffs expires on July 8. 'I can confirm the merits and the content of the letter. USTR sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up," Leavitt said. Other items requested by the Trump administration include any commitments on digital trade and economic security, along with country-specific commitments, according to the letter. Earlier on Tuesday, a source familiar with talks between the U.S. and European Union told Reuters that EU officials had not yet received the letter.
Yahoo
2 hours ago
- Yahoo
Tesla Losing Steam in Europe: What's Impeding Its Growth?
Tesla's TSLA car sales dropped significantly in several European countries in May, which marks the fifth straight month of declines. This downturn has been attributed to CEO Elon Musk's political controversies and an aging vehicle lineup. Sweden and Portugal saw some of the steepest declines, where Tesla's new car sales fell 53.7% and 68% year over year, respectively. However, overall EV sales in those countries increased by about 25%. Tesla sales also fell 30.5% in Denmark, 36% in the Netherlands, 19% in Spain and 67% in France, according to recent data. However, Norway stood out as an exception where Tesla sales soared 213% in May, thanks to the introduction of updated Model Y SUVs. Sales of both new and previous versions of the Model Y surged to 2,346 units from 690 in May 2024. Although the new Model Y is already available for order in many European markets, deliveries of the most affordable variant, historically Tesla's top seller, are only expected to begin this month in countries like Germany, the United Kingdom, France and Italy. As a result, the number of orders in May has yet to show up in sales data. To stimulate demand, TSLA has been offering various financial incentives in Sweden, Germany, Britain and France. It is also offering interest-free loans for the new Model Y in Norway. Tesla has been facing tough competition from local and Chinese auto makers in Europe. TSLA carries a Zacks Rank #5 (Strong Sell) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. In Europe, total sales of BYD Company Limited BYDDY, a Chinese EV maker, surged 359% year over year in April. BYD surpassed Teslain EV sales in Europe for the first time in April, overtaking the long-time market leader in the region. Per Jato Dynamics, BYD registered 7,231 new battery-electric vehicles in April, up 169% from the same time last year, earning it a spot among the top 10 EV brands in Europe. Tesla registered a drop of 49%, placing it one spot back. In April, Volkswagen AG VWAGY, a German auto manufacturer, gained 1.1% market share in Europe. It led the European EV market in April 2025. Volkswagen's subsidiaries, Skoda and Audi, also saw notable growth in the battery electric vehicle segment. The Skoda Elroq emerged as the top-selling all-electric model in Europe in April, validating the brand's strategy to introduce the SUV-sized Elroq in the niche between the B and C segments. The Elroq was followed by Volkswagen's ID3, ID7 and ID4 models. Tesla has underperformed the Zacks Automotive – Domestic industry and the Auto, Tires and Truck sector year to date. Tesla has lost 15.1% compared with the industry and sector's decline of 14.2% and 9.6%, respectively. Image Source: Zacks Investment Research The Zacks Consensus Estimate for 2025 and 2026 EPS has moved down 13 cents and 16 cents, respectively, in the past 30 days. Image Source: Zacks Investment Research From a valuation perspective, Tesla appears overvalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 10.56, higher than its industry's 2.77. Image Source: Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA) : Free Stock Analysis Report Volkswagen AG Unsponsored ADR (VWAGY) : Free Stock Analysis Report Byd Co., Ltd. (BYDDY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
