Fortescue becomes lead investor in $600m electrolyser firm fundraise
Fortescue has doubled down on becoming a manufacturer of hydrogen electrolysers, saying it was the lead investor in a $US380 million ($602 million) fundraising round conducted by Electric Hydrogen.
Fortescue did not disclose the exact size of its investment, but said the purchase of shares in the company was complemented by a deal to buy the disruptive electrolysers that Electric Hydrogen makes in the United States.
Fortescue’s energy chief executive, Mark Hutchinson, says Electric Hydrogen had found a way to make electrolysers at “transformational” low cost Trevor Collens
Fortescue’s investment was understood to be worth close to $US100 million.
The 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.
Fortescue has built a factory near Gladstone that will be producing its first electrolysers before Christmas, with most of the electrolysers made there set to be used on Fortescue’s own green hydrogen projects.
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.
“Right now there are not enough electrolysers in the world to support the amount of green hydrogen we are set to produce. That is why we are partnering with other world leaders in this space to secure our green energy supply chain, and we’re excited to invest and
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