Fortescue buys 60% stake in Dutch-based renewable energy firm

(Reuters) – Fortescue Metals Group Ltd's green energy unit said on Thursday it bought a 60% stake in Dutch-based renewable firm High yield Energy Technologies (HyET) Group in a bid to cut costs and boost green energy production.

Fortescue Future Industries (FFI) is part of Fortescue Metals' plan to become the world's first major supplier of green iron ore, and aims to supply 15 million tonnes of green hydrogen globally by 2030.

Fortescue Metals, the world's No.4 iron ore producer, is pursuing some of the most ambitious green plans in the industry with its efforts to diversify into renewable energy and green hydrogen through FFI.

"HyET Hydrogen's technology will support FFI in reducing costs in other areas of the green hydrogen supply chain," said Julie Shuttleworth, chief executive officer of FFI.

FFI, which plans to spend between $400 million and $600 million in the year to June 2022 on developing green transport and decarbonisation technologies, expects to cut down costs at its Powerfoil factory in Australia from the acquisition.

As part of the deal, FFI will provide a majority share of financing for the expansion of HyET Solar's Dutch Solar photovoltaics factory. Financial terms of the stake acquisition were not disclosed.

(Reporting by Tejaswi Marthi in Bengaluru; Editing by Subhranshu Sahu)

Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

Comments are closed.

If you would like to receive our free newsletter via email, simply enter your email address below & click subscribe.

MOST ACTIVE MINING STOCKS

 Daily Gainers

 Lincoln Minerals Limited LML.AX +125.00%
 Golden Cross Resources Ltd. GCR.AX +33.33%
 Casa Minerals Inc. CASA.V +30.00%
 Athena Resources Ltd. AHN.AX +22.22%
 Adavale Resources Limited ADD.AX +22.22%
 Azimut Exploration Inc. AZM.V +21.98%
 New Stratus Energy Inc. NSE.V +21.05%
 Dynasty Gold Corp. DYG.V +18.42%
 Azincourt Energy Corp. AAZ.V +18.18%
 Gladiator Resources Limited GLA.AX +17.65%