Energy Economy

25 Jan 2022

FFI Announces WAE Acquisition Plans to Achieve Carbon Neutrality

25 Jan 2022  by   

Fortescue Future Industries (FFI) has today (Jan 24) entered into an agreement to acquire Williams Advanced Engineering (WAE) as it targets net-zero by 2030 with both hydrogen and battery technologies.

An offshoot of the Williams Formula 1 team, WAE is well-recognised for its projects in high battery performance and electrification. This, paired with FFI’s withstanding expertise in green hydrogen production, will act as a key for reducing emissions across various sectors.

Dr Andrew Forrest, founder and Chairman of FFI, said, “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.

“This is an historic moment in the future of our company as we welcome the WAE family into the Fortescue family to work together to decarbonise heavy industry and hard to abate sectors for the good of our planet, and the benefit of our shareholders.

“This announcement is the key to unlocking the formula for removing fossil fuel powered machinery and replacing it with zero carbon emission technology, powered by FFI green electricity, green hydrogen and green ammonia.”

Already the duo has started plans for a new battery electric train concept and have said further plans will be announced early this year. With this, and many more projects that will inevitably arise, FFI will become a major player in the growing global market for green industrial transport equipment.

The investment in WAE will continue to grow value for Fortescue shareholders as the company diversifies into a global, green renewables and resources company.

Former deputy team principal of the Williams F1 Racing Team, Claire Williams OBE, commented, “Since the team sold a majority shareholding in WAE to EMK Capital a couple of years ago, EMK and the Management Team have done a fantastic job in taking the business forward.

“We are delighted that Fortescue are now taking over that mantle and see the value in the company and its people in tackling some of the biggest issues facing our world today. I am sure that they will continue to drive considerable success through the business and achieve further results in decarbonising heavy industry and tackling the issue of global warming.”

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