In its quest to green its operations, Fortescue Metals Group is acquiring the technology offshoot of the Williams F1 team.
Australian mining company Fortescue Metals Group announced on Sunday plans to acquire Williams Advanced Engineering in a deal worth 164 million British pounds .
Fortescue is among the world's biggest iron ore miners and is looking to tap WAE's expertise in electrification to help lower the carbon footprint of its mining operations. Fortescue has a stated goal of becoming carbon neutral by 2030. Fortescue is also looking to become a key player in the growing market for green industrial transport equipment. Specific projects that will involve WAE include developing green freight trains, mining trucks, and industrial heavy mobile equipment.
WAE is a technology offshoot of the Williams Formula One team, and was founded in 2010 with the aim of commercializing technologies developed for F1 competition, particularly in the area of batteries.
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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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