Fortescue becomes lead investor in $600m electrolyser firm fundraise

Fortescue has doubled down on becoming a manufacturer of hydrogen electrolysers, saying it was the lead investor in a $US380 million fundraising round conducted by Electric Hydrogen.

Fortescue’s energy chief executive, Mark Hutchinson, says Electric Hydrogen had found a way to make electrolysers at “transformational” low costThe deal builds on Fortescue’s plan to become a manufacturer of the electrolysers that split water into hydrogen and oxygen and comes as strong demand for electrolysers has created big order backlogs that are making customers wait up to two years for delivery.

The Gladstone factory is unlikely to fully satisfy Fortescue’s need for electrolysers in the short term, so the company plans to buy further electrolysers from the likes of Plug Power, and now, Electric Hydrogen.Fortescue energy chief executive Mark Hutchinson said Electric Hydrogen had found a way to make electrolysers at “transformational” low cost.

“Electric Hydrogen, just like Fortescue, is working at the speed and scale necessary to help deliver green hydrogen projects around the world and stop the need for fossil fuels. We are looking forward to working together.”

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Miners may suffer big productivity hit from electric truck shiftElectric trucks will likely spend less time on the road and carry less rock than diesel competitors, forcing miners to spend big to offset productivity losses
Source: FinancialReview - 🏆 2. / 90 Read more »

Britain needs to explain PM’s green shift, says Australia’s High CommissionerLast month, British Prime Minister Rishi Sunak said he was delaying the mandatory take-up of electric vehicles until 2035.
Source: theage - 🏆 8. / 77 Read more »

Britain needs to explain PM’s green shift, says Australia’s High CommissionerLast month, British Prime Minister Rishi Sunak said he was delaying the mandatory take-up of electric vehicles until 2035.
Source: smh - 🏆 6. / 80 Read more »

Britain needs to explain PM’s green shift, says Australia’s High CommissionerLast month, British Prime Minister Rishi Sunak said he was delaying the mandatory take-up of electric vehicles until 2035.
Source: brisbanetimes - 🏆 13. / 67 Read more »

Tesla deliveries slide as factory closures slow productionThe electric-vehicle maker shipped fewer cars than expected in the latest quarter, though it held fast to its 2023 target of 1.8 million.
Source: FinancialReview - 🏆 2. / 90 Read more »