The transaction is intended to make FMG ‘a major player’ in the green industrial transport market and will see the companies work on projects that include Fortescue’s 3km long freight trains, 400 tonne haul trucks and industrial heavy mobile equipment.
The heavy industrial sector accounts for over 20 per cent of global carbon emissions. Today’s investment means Fortescue and subsidiary Fortescue Future Industries (FFI) will acquire critical capabilities needed to help decarbonise this industry globally with FFI’s green electricity, green hydrogen and ammonia.
Fortescue founder and chairman, Dr Andrew Forrest AO said: “This is an historic moment in the future of our company as we welcome the WAE family into the Fortescue family to work together to decarbonise heavy industry and hard to abate sectors.
“This announcement is the key to unlocking the formula for removing fossil fuel powered machinery and replacing it with zero carbon emission technology, powered by FFI green electricity, green hydrogen and green ammonia.”
Craig Wilson, CEO at WAE added: “High performance battery and electrification systems are at the core of what we do at WAE, and this acquisition and investment will enable the company’s further growth to support the delivery of zero emission products and services across existing sectors – such as automotive, motorsport and off-highway – and new sectors too.”
“We are delighted to play a key role in Fortescue’s decarbonisation strategy, contributing to the delivery of their emissions reduction targets through high performance battery systems, green hydrogen and related technologies. We will also be focusing on addressing the sector-wide challenges in the off-highway sector. Both companies have a shared culture of innovation, setting and achieving challenging objectives and a genuine commitment to creating a sustainable future.”