Fortescue buys stake in Dutch renewables firm

Founder/Director of HyET Hydrogen and HyET Solar, Dr Rombout Swanborn; FFI Founder and Fortescue Chairman Dr Andrew Forrest AO; CEO HyET Hydrogen and Co-CEO HyET Solar, Maria Fennis (Fortescue Dutch)
L-R: Founder and Director of HyET Hydrogen and HyET Solar, Dr Rombout Swanborn; FFI Founder and Fortescue Chairman Dr Andrew Forrest AO; CEO HyET Hydrogen and Co-CEO HyET Solar, Maria Fennis

Fortescue Metals Group Ltd’s green energy unit has purchased a 60 per cent stake in Dutch-based renewable firm High yield Energy Technologies (HyET) Group in a bid to cut costs and boost green energy production, Reuters reports.

Fortescue Future Industries (FFI) is part of Fortescue Metals’ plan to become the world’s first major supplier of green iron ore, and aims to supply 15 million tonnes of green hydrogen globally by 2030. 

Fortescue Metals, the world’s No.4 iron ore producer, is pursuing some of the most ambitious green plans in the industry with its efforts to diversify into renewable energy and green hydrogen through FFI.

Related article: Fortescue to build world’s largest green hydrogen facility in Queensland

“HyET Hydrogen’s technology will support FFI in reducing costs in other areas of the green hydrogen supply chain,” FFI chief executive officer Julie Shuttleworth said.

FFI, which plans to spend between $400 million and $600 million in the year to June 2022 on developing green transport and decarbonisation technologies, expects to cut down costs at its Powerfoil factory in Australia from the acquisition.

As part of the deal, Fortescue will provide a majority share of financing for the expansion of HyET Solar’s Dutch Solar photovoltaics factory.