PERTH (miningweekly.com) – Green energy developer Fortescue Future Industries (FFI) has been tapped as one of the beneficiaries of the European Commission’s €3.6-billion in funding for clean tech projects.
The Commission last week announced that 41 large-scale clean tech projects would benefit from the financing, which is being delivered through the EU Innovation Fund.
FFI’s flagship green ammonia plant, FFI Holmaneset, has been selected as one of the beneficiaries, with the company saying that it was recognition by the EU of its significance to global decarbonisation efforts.
“The Holmaneset project is a great opportunity for FFI, Norway and Europe for early development of a significant green energy value chain, and we commend the EU for its leadership in kickstarting a green ammonia industry,” FFI said in a statement.
“We look forward to finalising the details of our arrangements with the European Climate, Infrastructure and Environment Executive Agency in due course.”
The proposed Holmaneset project seeks to utilise surplus renewable energy to power an integrated green hydrogen and green ammonia process plant, complete with transmission infrastructure and port facilities, for the transport of green products to the Norwegian and European markets. The project is located on the coast of the Nordgulen fjord, approximately 8 km west of Svelgen in the Bremanger municipality in western Norway.
FFI is currently progressing the project through the feasibility phase, and FFI is targeting the start of construction in 2025, and operations in 2027.
The European Commission funding is aimed at reducing the continent’s reliance on imports of Russian fossil fuels, with the funding going towards a wide range of industries, including cement, steel, advanced biofuels, sustainable aviation fuels, wind and solar energy, and renewable hydrogen and its derivatives. The funding will contribute to the greening of significant sectors of the European economy, in particular those that are difficult to decarbonise.