Fortescue invests in green hydrogen startup
PERTH (miningweekly.com) – Iron-ore major and green energy developer Fortescue has invested in a green hydrogen startup, taking the lead investor role in Electric Hydrogen’s (EH2's) $380-million Series C funding round.
In addition, Fortescue and EH2 have separately signed a framework procurement agreement to supply 1 GW of EH2’s electrolyser systems to Fortescue’s green hydrogen projects in the US and globally.
“Fortescue is committed and focused on supporting the rapid scaling of green technology to help heavy industry decarbonize and producing green hydrogen at scale is integral to that. Right now there are not enough electrolysers in the world to support the amount of green hydrogen we are set to produce,” said Fortescue Energy CEO Mark Hutchinson.
“That is why we are partnering with other world leaders in this space to secure our green energy supply chain, and we’re excited to invest and secure capacity with Electric Hydrogen to help us achieve our goals.”
“Electric Hydrogen, just like Fortescue, is working at the speed and scale necessary to help deliver green hydrogen projects around the world and stop the need for fossil fuels. We are looking forward to working together.”
EH2 CEO and co-founder Raffi Garabedian said the two companies shared an ambition to achieve large-scale, low-cost production of green hydrogen globally as soon as possible.
“We want to make fossil-free hydrogen an economic inevitability for fertilizer producers, steelmakers, chemical companies and other critical industries that have no other option to decarbonize.”
EH2’s complete 100 MW electrolyser systems produce green hydrogen from renewable electricity and water at large scale. Each EH2 electrolyser system can make nearly 50 t/d of green hydrogen at transformational low cost.
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