The clean energy arm of billionaire Andrew Forrest’s Fortescue Metals Group Ltd. will add more investments in manufacturing facilities as the demand outlook for green hydrogen strengthens.
“We’ll announce over the next few months some big investments in some plants,” he said Friday in an interview in Canberra.
Read more: A Green Hydrogen Economy Depends on This Little-Known Machine Hutchinson, a former General Electric Co. executive, was recruited by Fortescue founder Forrest to helm the clean energy division’s push to become a global exporter of green hydrogen, with a target to produce an initial 15 million tons a year by 2030.
The unit expects to begin output of green hydrogen from 2024 at a small scale in the hundreds of thousands of tons, before quickly ramping up to hit its 2030 goal, he said.
Fortescue has announced agreements over future supply deals with companies including Germany-based E.ON SE and JC Bamford Excavators Ltd. in the UK.
“When I think about how big this market is, it’s as big as replacing the entire fossil fuel market in the world, and it’s real now,” Hutchinson said, speaking on the sidelines of a government-hosted jobs and skills summit.
Source: Bloomberg
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