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)

Copyright (c) 2019 Dow Jones & Company, Inc.
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