Fortescue Metals Group extends green technology push into Dutch solar, hydrogen play
Fortescue Metals Group’s green technology subsidiary has launched itself into the solar panel manufacturing business.
Fortescue Metals Group’s green technology subsidiary has launched itself into the solar panel manufacturing business, buying a 60 per cent stake in Dutch-based High Yield Energy Technologies for an undisclosed sum.
Fortescue Future Industries said on Thursday it will also provide funding for the expansion of HyET’s Dutch solar panel factory – but again did not disclose a figure.
In addition to HyET’s solar panel manufacturing facilities, the company is also developing hydrogen storage and transport.
Fortescue founder Andrew Forrest said in a statement the acquisition would help accelerate FFI’s own push to commercialise hydrogen as a major global energy source.
FFI chief executive Julie Shuttleworth said the company planned to use HyET’s intellectual property to aid in the design of a solar panel manufacturing facility in Australia.
“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,” she said.
“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.”
In 2018 HyET won investment funding from Anglo American Platinum and Shell Technology Ventures for its electrochemical hydrogen compression technology, which the company says will help support the adoption of hydrogen fuel cells in vehicles – a technology Fortescue has also been exploring for potential deployment on its Pilbara heavy vehicle fleet.
Both appear to have sold out, with HyET saying on Thursday founding shareholder Supernova NV and Dutch chemical and fuel storage tanker company Vopek remaining the only other shareholders in HyET.
It also has a partnership with Australia’s H2H Energy, which is developing refuelling stations for hydrogen-powered vehicles and systems.
Fortescue shares closed down 27c, or 1.9 per cent at $13.91 on Thursday.
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