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.”
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