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Fortescue Ltd (ASX: FMG) has made significant strides in its green energy endeavors, propelling its share price upward following the announcement of the opening of its Gladstone green energy facility. While Fortescue is predominantly recognized as an ASX iron ore share, the company is actively engaged in various green energy initiatives, signaling its commitment to sustainability and innovation.
Fortescue shares surged by 0.32%, trading at AU$24.86 apiece.
The newly inaugurated electrolyser manufacturing facility situated in Gladstone, Queensland, stands out as one of the pioneering ventures globally, featuring an automated assembly line—a testament to Fortescue's dedication to cutting-edge technology. Spanning across 15,000 square meters, the facility boasts the capacity to produce over 2 gigawatts (GW) of proton exchange membrane (PEM) electrolyser stacks annually. Notably, Fortescue's teams in Australia and the United States spearheaded the design of the electrolysers in-house, establishing Fortescue as an original equipment manufacturer (OEM).
Acknowledging the pivotal role played by the Queensland government, Fortescue emphasized the invaluable support extended towards the development site, including essential infrastructure provisions such as an electrical substation, road network, communications facilities, and local scheme water connection. Additionally, the Australian federal government contributed $44 million from the Collaboration Stream of the Modern Manufacturing Initiative to bolster the project.
The inauguration of this facility marks the initial phase of a broader green energy manufacturing center envisioned by Fortescue on the expansive 100-hectare Gladstone site. This center is slated to house a hydrogen system testing facility and Fortescue's PEM50 green hydrogen project, with the collective endeavor anticipated to create over 300 direct and indirect employment opportunities.
With the expansion of its green energy division, Fortescue anticipates a commensurate impact on its share price, reflecting investor enthusiasm for its sustainable initiatives and potential for future growth.
In response to the milestone achievement, Dr. Andrew Forrest, Fortescue's executive chair and founder, expressed gratitude to the Queensland and Federal Government for their vision and support, underscoring the transformative potential of the project in fostering a burgeoning green energy industry in Australia.
Mark Hutchinson, CEO of Fortescue Energy Division, outlined the company's strategic vision for hydrogen production, highlighting the growing global demand for green hydrogen as a key driver for future growth. Hutchinson emphasized Fortescue's commitment to developing a robust pipeline of green energy projects and pioneering advanced electrolyser technologies to consolidate its competitive edge in the burgeoning green energy market.
Fortescue's unwavering commitment to sustainable energy solutions and technological innovation positions the company as a leading player in the global transition towards renewable energy, poised to capitalize on emerging opportunities and drive value for shareholders and stakeholders alike.
