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Fortescue Metals Group Limited (FSUGY)

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30.70-0.39 (-1.25%)
At close: 03:48PM EST
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  • Reuters

    UPDATE 1-Plug Power scraps electrolyser plant partnership with Fortescue

    Plug Power has walked away from building an electrolyser manufacturing plant in Australia with Fortescue Metals Group as the economics did not work, Plug Chief Executive Officer Andrew Marsh said on Thursday. The project, announced in October 2021, is a key plank in Fortescue's ambition to become a major green energy company through its Fortescue Future Industries (FFI) arm and produce 15 million tonnes a year of green hydrogen by 2030. Fortescue had planned to build the world's biggest factory to make electrolysers with Plug Power and began construction in Gladstone in Australia's northeast last February aiming to produce their first electrolyser in 2023.

  • Reuters

    Plug Power scraps electrolyser plant partnership with Fortescue

    Plug Power has walked away from building an electrolyser manufacturing plant in Australia with Fortescue Metals Group as the economics did not work, Plug Chief Executive Officer Andrew Marsh said on Thursday. The project, announced in October 2021, was to be a key plank in Fortescue's transition toward becoming a major green energy company through its Fortescue Future Industries arm. Fortescue announced plans with Plug Power in October 2021 to build the world's biggest factory to make electrolysers and held a sod-turning at the site in Gladstone in Australia's northeast last February aiming to produce their first electrolyser in 2023.

  • Reuters

    Davos 2023-Fortescue sees renewables overtaking iron ore business

    Renewable energy is likely to eventually overtake Fortescue Metals Group's iron ore business, despite strong tailwinds for the commodity ahead, the company's former chief executive officer Elizabeth Gaines said at Davos. Fortescue would continue growing its iron ore business, but the scale of the world's green energy transition would boost demand for renewable energy far more, said Gaines, non-executive director and global green ambassador at Fortescue, on the sidelines of World Economic Forum's annual meeting in Davos.