What caught our eye - three key stories
Fortescue invests in 3 green projects; Implementing insetting at scale; What's nuclear's real issue?
Here are three stories that we found particularly interesting this week and why. We also give our lateral thought on each one.
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Fortescue reaches FID on three green projects.
Australian green technology, energy and metals company Fortescue announced it has progressed three green hydrogen projects to a final investment decision (FID) - i.e. they are going ahead ahead with the investment - in the US and Australia with a total investment of US$750 million over three years.
The three projects are:
- Phoenix Hydrogen Hub: this represents the bulk of the investment at US$550 million and will comprise an 11,000 tonne annual production capacity liquid green hydrogen plant based in Arizona, USA, expected to begin production in 2026. About half of the investment is expected to be on equipment and half on construction of the site.
- Gladstone PEM50 Project: this is a green hydrogen production project under construction in Queensland, Australia with a production capacity of 8,000 tonnes annually. The initial 30MW electrolyser plant (using Fortescue's own proprietary Proton Exchange Membrane or PEM technology) is expected to be operational in 2025 with a remaining 20MW to take it up to full production capacity by 2028. This project takes US$150 million of the investment.
- Christmas Creek Green Iron Trial Commercial Plant: the remaining US$50 million investment is allocated to this green iron plant which processes iron ores to produce iron without using fossil fuels and instead using existing green hydrogen and solar generated electricity. Production capacity is expected to exceed 1,500 tonnes annually with first production in 2025.