Fortescue To Contribute $1.14 bn For Renewable Energy Projects

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  • Fortescue will create 300 direct jobs during construction and 40 direct jobs during operations
  • The company has various upcoming projects in Brazil, Kenya, and Norway

Fortescue has recently shared its plan to invest $1.14 billion in renewable energy and hydrogen project.

The company has added an 80-megawatt electrolyser and liquefaction plant to produce up to 11,000 tonnes of liquid green hydrogen per annum. Fortescue has also announced a $150 million investment in a 50-megawatt green hydrogen project in Gladstone, Queensland.

The board approved the final investment decisions, with the majority of the funds, $550 million, allocated to the Phoenix Hydrogen Hub in the United States.

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In addition, the company plans to invest $50 million in establishing a green iron trial facility at its Christmas Creek iron ore mine in Western Australia. Fortescue also has various upcoming projects in Brazil, Kenya, and Norway, with a budget of $750 million earmarked for these board-approved initiatives in the next three years. However, the outlook for Queensland’s Gibson Island green hydrogen and ammonia project remains uncertain due to the need for additional efforts to tackle Australia’s expensive green electricity costs.

Fortescue’s energy chief, Mark Hutchinson, highlighted the strategic positioning of the Phoenix hydrogen hub in the US market due to the Biden administration’s focus on clean hydrogen. He emphasised the project’s attractive location near California, a major trucking route, and a state highly committed to clean hydrogen initiatives.

The company will start construction in the second half of 2024, and the production will begin in mid-2026. With this announcement, Fortescue will create 300 direct jobs during construction and 40 direct jobs during operations.

Fortescue is a global green energy company headquartered in Australia.

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Nitisha Dubey
Nitisha Dubey
Nitisha Dubey is a journalist at EFY. She focuses on startups and innovations with a deep interest in new technologies and business models.

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