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OMV investing €37.5 million in hydrogen filling stations, biogas

OMV AG, central Europe's biggest oil and natural-gas company, plans to invest €37.5 million ($50million) to develop new energy technology like hydrogen filling stations and gas made from vegetable oils.

The money will come from OMV's Future Energy Fund and the Vienna-based company's refining, exploration, production and gas business units, OMV said today in an e-mail. The company chose six out of 25 submitted projects for funding. OMV said in June it would spend up to €100 million to set up a fund that will research and invest in power sources using geothermal and hydrogen-based energy. The OMV fund should lead to additional investments of as much as €500 million in renewable energy, the company said. (Bloomberg)