Austrian Power Grid AG Sample Clauses

Austrian Power Grid AG a company incorporated under the laws of Austria in the form of an AG, with V.A.T. number ATU46061602, with registered office at XXX Xxxxx, Xxxxxxxx Xxx.00, 0000 Xxxx, Xxxxxxx, registered with Commercial Court in Vienna with number FN 177696v; hereinafter referred to as ”APG”;
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Austrian Power Grid AG. (“APG”), a company incorporated under the laws of Austria in the form of an AG, with V.A.T. number ATU46061602, with registered office at IZD Tower, Xxxxxxxx Xxx.00, 0000 Xxxx, Xxxxxxx, registered with Commercial Court in Vienna with number FN 177696v;
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Austrian Power Grid AG. It is anticipated that during summer the renewable energy facilities will create an excess capacity of around 2 TWh per month. This energy has then to be either “destroyed” or exported at great cost if no large scale energy storage is available. In the anticipated second phase studies ADX and Xxxxxxx intend to establish a detailed business plan and financing plan for the large-scale expansion and establishment of a profitable and growing energy storage and green gas business which may be linked to carbon dioxide sequestration. The ability to potentially utilise the Fields for renewable energy storage can create a new business opportunity as well as adding significant value to an asset that would other-wise be an abandonment liability later in field life. This business model can also be expanded into the recently awarded exploration, production and storage licenses in Upper Austria where ADX has secured a ready to drill portfolio of appraisal and exploration opportunities (refer ASX announcement from 11 January 2021) This strategic initiative is possible due to ADX having well positioned onshore operations and infrastructure in a supportive jurisdiction such as Austria enabling ADX to utilise its asset base for low carbon technologies and carbon abatement opportunities. ADX is pleased to advise that it has entered an agreement with Xxxxxxx & Partners (Xxxxxxx) to undertake a pre-feasibility assessment for hydrogen storage at ADX’s Gaiselberg and Zistersdorf fields in the Vienna Basin as well as the creation of a profitable hydrogen business model which will be complimentary and synergistic with ADX’s current oil & gas energy business (Hydrogen Study). The Hydrogen Study is expected to be undertaken in two phases. The first is to establish the feasibility of the Fields for hydrogen storage and or green gas production, establish a joint venture partnership with renewable energy producers proximal to the Fields and determine the availability of feasibility project funding. The second phase will be to establish a detailed business and finance plan for a future project. Xxxxxxx is a worldwide management consulting firm originating from Germany. Xxxxxxx has approximately 1,000 employees and a turnover of over US$ 250 million with a strong presence in Europe, the United States of America and the United Arab Emirates. It has a proven track record of consulting the creation and implementation of hydrogen businesses with a focus on Germany.
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