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Highlights:
- Fortescue Future Industries to form a partnership with National Renewable Energy Laboratory.
- The partnership is expected to create over 350 direct jobs in America.
- The initial term of the collaboration is three years and can be extended further.
The Green leg of Fortescue Metals Group Ltd (ASX:FMG), Fortescue Future Industries (FFI) is assisting in rapidly diversifying its business to become green energy and resources company globally. This transition’s key component is achieving carbon neutrality for Scope 1 and 2 emissions by 2030.
FFI to form a partnership with National Renewable Energy Laboratory (NREL)
FFI, on 27 September 2022, shared that it would form a partnership with the US Department of Energy’s NREL. The initial term of the association is three years and can be extended to create long-term relations. Under the partnership, green jobs will be created in America, along with the advancement of green hydrogen technologies and production.
FFI anticipates that AU$80 million will be invested in research projects with NREL over ten years. Also, the group expects to create over 350 engineering, management and research jobs.
Beyond creating direct over 350 jobs, after the commercialisation of technology, this partnership is expected to indirectly create numerous indirect jobs in green energy, manufacturing, technology and science. Moreover, it is expected to lower emissions.
At the UN General Assembly, Fortescue announced that it has a fully costed construction plan to achieve net zero Scope 1 and 2 emissions targets by 2030. As per the media release, this strategy would eliminate 3 million tonnes of carbon from the atmosphere annually, and around US$818 million will be saved every year.
Reportedly, the partnership with NREL would contribute to this mission.
Management commentary
Andrew Forrest, executive chairman, Fortescue, commented on the development that:
Plan ahead!
FFI said that alongside the partnership with NREL and Technology Hub establishment, the company plans to create collaborative research relationships with Colorado State University, University of Colorado, Colorado School of mines and other research universities and labs across Australia.
Share performance of Fortescue
Shares of Australian iron ore company, Fortescue were spotted trading flat at AU$16.78 per share at 10:25 AM AEST on Friday. In the last five trading sessions, the share price has increased by 2.55%. In the past six months, the share price has dropped around 19%, recording a fall of nearly 10% in the past one month. On a year-to-date basis, it has declined 15.94%. The yearly gain is 11.53%.
