Fortescue Metals Group said on Monday it will buy an engineering and battery company, founded by Williams Formula 1 team, for 164 million pounds ($222.2 million) in the Australian miner's push to decarbonise its fleet and equipment.
The logo of Australia's Fortescue Metals Group can be seen on a bulk carrier as it is loaded with iron ore at the coastal town of Port Hedland in Western Australia, November 29, 2018. REUTERS/Melanie BurtonFortescue aims to cut diesel use in operationsJan 24 - Fortescue Metals Group
said on Monday it will buy an engineering and battery company, founded by Williams Formula 1 team, for 164 million pounds in the Australian miner's push to decarbonise its fleet and equipment. The iron ore miner said it had been working with Williams Advanced Engineering Ltd since early 2021 to build a prototype battery to power an electric haul truck, and will release more details this year on plans to develop an electric train project.
It follows an aggressive push by Fortescue's billionaire-founder Andrew Forrest to turn his mining firm into one of the world's biggest green energy companies.Fortescue, the world's fourth-largest iron ore miner, aims to work with WAE to develop battery electric solutions to cut the use of diesel in its rail, mobile haul fleet and heavy mining equipment to decarbonise operations by 2030.
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Fortescue to buy Williams Advanced Engineering for $222 millionFortescue Metals Group Ltd will buy Williams Advanced Engineering Limited (WAE) from private equity firm EMK Capital and Williams Grand Prix Engineering Limited for 164 million pounds($222.15 million), the iron one miner said on Monday.
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