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Australia's Fortescue to supply green hydrogen to Germany's Covestro

 Last Update: 2022-02-18
 Source: Internet
 Author: User

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iron production

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18 Jan 18 (Reuters) - Australian iron ore miner Fortescue Metals Group FMG.

Fortescue Future Industries (FFI) said on its website that once the agreement is formalized, the company will supply the equivalent of 100,000 tons of green hydrogen per year

Julie Shuttleworth, chief executive of FFI, said: "This collaboration reinforces that green hydrogen is a practical, implementable solution for a range of industries that are difficult to decarbonize

Under the agreement, from 2024, green hydrogen - a clean-burning fuel that uses renewable energy to electrolyze water - will potentially be supplied to Covestro in Asia, North America and Europe

Fortescue aims to be carbon neutral by 2030

The FFI expects to spend between $400 million and $600 million this fiscal year to develop green trains, trucks and shipping, as well as decarbonization technologies

The company also expects to expand its green hydrogen production to 15 million tons per year by 2030

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