- Fortescue Metals Group (FMG) issues a statement clarifying comments made by founder and Chairman Andrew Forrest about a draft deal to supply green energy to Europe by 2030
- Mr Forrest had said in Berlin at the signing of a Memorandum of Understanding with energy network provider E.ON that the two companies’ executives would be “really calm” but “underneath, our organisations will be going like crazy, because for us it’s a minimum $50 billion expenditure”
- Fortescue clarified that there is currently no commitment to this high-level expenditure and all final investment decisions will be at the discretion of the Fortescue board
- The company also said it is working closely with banks, institutional investors, multilateral and export credit agencies globally as they confirm their commitment to supporting project funding for green energy
- FMG shares are up 1.03 per cent, trading at $19.69
Fortescue Metals Group (FMG) has issued a statement clarifying comments made by founder and Chairman Andrew Forrest about a draft deal to supply green energy to Germany and the Netherlands.
Mr Forrest had said in Berlin at the signing of a Memorandum of Understanding (MoU) with energy network provider E.ON that the two companies’ executives would be “really calm” but “underneath, our organisations will be going like crazy, because for us it’s a minimum $50 billion expenditure”.
Fortescue clarified that there is currently no commitment to this high-level expenditure and all final investment decisions will be at the discretion of the Fortescue board, which Mr Forrest is part of.
The company also assured that it is working closely with banks, institutional investors, multilateral and export credit agencies globally as they confirm their commitment to supporting project funding for green energy.
The MoU is a binding agreement that both parties will explore how to deliver up to five million tonnes per annum of green, renewable hydrogen (GH2) by 2030.
The agreement was signed in Berlin by Mr Forrest and Patrick Lammers, Chief Operating Officer of E.ON in the presence of Michael Kellner, Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Climate Action and Australia’s Ambassador to Germany Philip Green.
Under the MoU, both parties aim to ramp up quickly to five million tonnes per annum of GH2 by 2030 which will help to decarbonise thousands of medium-sized enterprises all over Germany and the Netherlands, as well as other European cities and communities to which E.ON distributes energy.
Fortescue’s wholly-owned global green energy subsidiary Fortescue Futures Industries signed the MoU with E.ON.
FMG shares were up 1.03 per cent, trading at $19.69 after it came out of a trading pause this morning.