Fortescue Future Industries (FFI) has extended its reach into the hydrogen ecosystem with the acquisition of a 60% stake in High Yield Energy Technologies (HyET) as the group targets supplying 15 million tonnes of green hydrogen by 2030.
As well as acquiring a 60% stake in HyET, FFI is also providing a majority share of financing for the expansion of a HyET solar PV factory.
With this, the renewable energy generated at the site could also be used to produce green hydrogen.
This could ultimately drive down the cost of green hydrogen with more of the clean energy carrier available for the market.
Julie Shuttleworth, CEO of Fortescue Future Industries, said, “FFI’s goal is to become the world’s leading, fully renewable energy and green products company.
“The addition of HyET Solar and HyET Hydrogen to our portfolio of FFI companies builds on our commitment to develop technologies needed to tackle emissions and global warming.
“We have commenced the design study for a 1GW Powerfoil factory in Australia and at this scale, we aim to rapidly drive costs down at a greater rate than is achievable with conventional Solar PV technology.
“HyET Hydrogen’s technology will support FFI in reducing costs in other areas of the green hydrogen supply chain.”
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