Fortescue acquires WAE in race to net-zero
Australian miner Fortescue has acquired Williams Advanced Engineering (WAE) in a £164 million (€195 million) deal that sees the iron ore company take further steps into decarbonising its freight and transport operations.
The miner is looking to bolster its green transport options at a time when the mining sector is looking to slash emissions from its carbon-intensive operations across the board.
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WAE is an offshoot from the Williams F1 team founded by the late Sir Frank Williams, and is primarily known for its battery technology, which it will combine with Fortescue's Future Industries arm to help the company reach its 2030 net-zero transport goals.
This will primarily apply to rail, its mobile haul fleet and heavy mining equipment.
“This is the race of our lifetimes – the race to save the planet from cooking. The speed at which we move matters. Together FFI and WAE will work to decarbonise Fortescue – with the aim of achieving that faster and more effectively than anyone else in the world", Fortescue Chairman Andrew Forrest said in a statement.
“This is a historic moment in the future of our company as we work together to decarbonise heavy industry and hard to abate sectors for the good of our planet and the benefit of our shareholders.
"This is the key to unlocking the formula for removing fossil-fuel-powered machinery and replacing it with zero carbon emission technology, powered by green electricity, green hydrogen and green ammonia."
“High-performance battery and electrification systems are at the core of what we do at WAE, and this acquisition and investment will enable the company’s further growth to support the delivery of zero-emission products and services across existing sectors – such as automotive, motorsport and off-highway – and new sectors too," said WAE CEO Craig Wilson.
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“We are delighted to play a key role in Fortescue’s decarbonisation strategy, contributing to the delivery of their emissions reduction targets through high-performance battery systems, green hydrogen and related technologies.
"We will also be focusing on addressing the sector-wide challenges in the off-highway sector. Both companies have a shared culture of innovation, setting and achieving challenging objectives and a genuine commitment to creating a sustainable future," he added.
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