Fortescue has invested about $NOK100 million ($13.5 million) to become the third largest shareholder in green hydrogen developer Norwegian Hydrogen.
Fortescue will acquire a 12.5 per cent ownership in Norwegian Hydrogen through the investment.
“Climate change is here now, and business needs to work together to combat it. Decarbonising hard to abate sectors and stepping the world beyond fossil fuels is imperative to that, and to do that, we need to start producing green hydrogen and green ammonia at scale,” Fortescue Energy chief executive officer (CEO) Mark Hutchinson said.
“Fortescue’s investment in Norwegian Hydrogen is an important step in helping to scale up the entire green hydrogen value chain, which will not only help support our own proposed projects in Norway, but the global green hydrogen and green ammonia industry.”
Fortescue is currently developing a global green hydrogen and green ammonia portfolio, including assets like the Holmaneset project in Bremanger, Norway. It also has plans to develop another 300 megawatt facility in the Hemnes municipality.
Alongside Fortescue’s investment, Norwegian Hydrogen has raised approximately $NOK50 million ($2.1 million) from its current owners and new investors from its immediate network. This values Norwegian Hydrogen at about $NOK750 million ($106 million) after raising capital.
“Fortescue’s entry into ownership is a clear expression of the strong international interest Norwegian Hydrogen is experiencing in its focus on the production and distribution of green hydrogen,” Norwegian Hydrogen CEO Jens Berge said.
“Fortescue and its founder Andrew Forrest have been a very vocal voice and driving force for the transition required to reach climate targets, and for the central role green hydrogen will play in the new energy mix of the future. We look forward to having Fortescue as an active owner and to working together to accelerate the transition to zero emissions.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.