Australia’s Fortescue on Tuesday approved an estimated total investment of about $750 million over the next three years for one green steel and two green energy projects, as the iron one miner seeks to become a top tier clean energy producer.
Fortescue approved the final investment decision on the Phoenix hydrogen hub in Arizona, US, the Gladstone 50 megawatt green hydrogen project in Queensland, Australia and the Christmas Creek green iron trial commercial plant in Western Australia.
About $550 million of the approved investment will be used for developing the Phoenix electrolyser and liquefaction facility, where first production of liquid green hydrogen is targeted in 2026.
The world’s fourth largest iron ore maker, which is expanding into production of hydrogen from renewable resources under its Fortescue Energy unit, said it had also decided to fast track projects in Brazil, Kenya and Norway.
