FFI signs $80 million investment deal with NREL in the United States

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PERTH (miningweekly.com) – Fortescue Future Industries (FFI), the green energy arm of iron ore major Fortescue Metals, will invest some $80 million in a partnership with the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). energy to create green jobs in America and advance green hydrogen production and technologies.

This relationship will catalyze hundreds of millions of dollars of value and investment in the North American energy transition and economy.

FFI plans to invest $80 million over 10 years in research projects with NREL, and the collaboration has the potential to create more than 350 high-quality research, engineering and management jobs.

FFI said on Tuesday that, combined with the impact of the Inflation Reduction Act (IRA), this investment should catalyze a surge in manufacturing in the green industrial ecosystem, which will be well established if the world wants. move to zero pollution. coming.

Beyond the 350 direct science and technology careers, this initiative is expected, when commercializing the technology globally, to reduce emissions and indirectly create thousands of new science, technology, manufacturing and energy jobs. green.

“NREL’s dream is to commercialize its green technology. Our dream is to commercialize their green technology,” said Fortescue Executive Chairman Dr. Andrew Forest.

“We are planning this investment because of NREL’s exemplary scientific and research proficiency in this technology and because of the leading green investment environment in America due to the IRA.”

Chief of Fortescue for North America, Andy Veseysaid the company is now looking at nationwide capabilities for manufacturing solar, battery and electrolyser technologies in America.

“This will be complemented by our deep integration into the American science and technology community.

“America is now the best place to invest in green hydrogen. It will create and save jobs for Americans and reduce emissions.”

Fortescue has a world-leading, fully costed build plan to achieve zero true Scope 1 and 2 emissions by 2030. This strategy will remove three million tonnes of carbon per year from the atmosphere and make saving the company $818 million a year. The work undertaken within the framework of this partnership will contribute to this mission.

Along with collaborating with NREL and creating the Technology Hub, FFI also plans to establish new collaborative research relationships with the Colorado School of Mines, University of Colorado, Colorado State University, as well as than with other leading research laboratories and universities across the United States.

The initial duration of the collaboration between NREL and FFI will be three years, with the possibility of extending the duration to create a long-term relationship.

The announcement builds on FFI’s new US technology hub, based in Colorado’s nascent green energy research and development community.

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