Fortescue Future Industries (FFI) has snapped up a 60 per cent stake in Dutch based High yield Energy Technologies (HyET) Group with plans to build a 1 GW solar manufacturing facility in Australia.

The acquisition marks an important milestone and supports FFI’s vision to produce affordable green hydrogen, with the aim to supply 15 million tonnes of green hydrogen globally by 2030 and become the world’s leading, fully renewable energy and green products company.

FFI Founder and Fortescue chairman Dr Andrew Forrest AO said the technologies of the HyET companies will help the company reach “that tipping point and the world will begin the journey in earnest to become zero-carbon.”

“We don’t have time to wait, we have to act now,” he said.

“Green energies need to be available at an industrial, global scale.”

FFI design study for 1 GW Powerfoil factory underway

FFI chief executive officer Julie Shuttleworth A M said: “We have commenced the design study for a 1 GW Powerfoil factory in Australia and at this scale, we aim to rapidly drive costs down at a greater rate than is achievable with conventional Solar PV technology.”

“The addition of HyET Solar and HyET Hydrogen to our portfolio of FFI companies builds on our commitment to develop technologies needed to tackle emissions and global warming.”

“HyET Hydrogen’s technology will also support FFI in reducing costs in other areas of the green hydrogen supply chain.”

Another step in green hydrogen mix

Back in July, FFI entered into a framework agreement with JSW Future Energy Limited, a power company in India, to explore opportunities to develop green hydrogen projects in India.

The two sides also flagged flagged various applications for the technology including green steel making, hydrogen mobility, green ammonia and other mutually agreed industrial applications in India.

The green energy arm of Fortescue Energy Group has also made headway on several problems, including the design and construction of hydrogen powered haul trucks and drill rigs, two areas of the mining industry which rely heavily on diesel fuels.

Majority share of financing expansion

The company has also provided the majority share of financing for the expansion of HyET Solar’s Dutch Solar photovoltaics (PV) factory.

SuperNova NV, the founding partner of the HyET Group of companies, and Royal Vopak of Rotterdam, The Netherlands, remain the only other shareholders in both companies.

FFI and SuperNova NV have also in principle agreed to extend their cooperation to other current and future HyET Group activities.