Home Energy assets Fortescue Future Industries Acquires Xergy Assets to Develop Hydrogen Technology Company

Fortescue Future Industries Acquires Xergy Assets to Develop Hydrogen Technology Company

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Andrew Forrest’s Fortescue Future Industries (FFI) has taken another bold step in “green energy” with the acquisition of Xergy Inc and the business assets of Xergy One Ltd to form a new wholly owned subsidiary called FFI Ionix Inc.

Ready to operate in the United States, FFI Ionix will function as a technology development company focused on the global commercialization of hydrogen technologies such as ion exchange membranes for water electrolysis, electrochemical compression, water transmission and fuel cells.

Xergy Founder and Managing Director of FFI Ionix, Bamdad Bahar, said: “With an intellectual property heritage of over 100 patents and applications, and a sales catalog of various cutting-edge products, including a new line of membranes. advanced anion exchange, we share the passion for innovation.

Advance the technologies needed for green hydrogen projects

FFI CEO Julie Shuttleworth said the investments will advance the technologies needed for green hydrogen projects, including the three hydrogen projects the company has announced in recent weeks.

These projects include the construction of a Hydrogen Chlorinator Gigafactory in Queensland with Plug Power Inc, listed on NASDAQ.

The two organizations plan to build a two-gigawatt plant to produce large-scale proton exchange membrane (PEM) electrolyzers, with the potential to expand into fuel cell systems and other refueling infrastructure. and storage related to hydrogen in the future.

Plug Power will provide the electrolyser and fuel cell technology, and FFI will provide advanced manufacturing capabilities.

FFI also announced a partnership with Incitec Pivot, Australia’s largest fertilizer supplier, to conduct a feasibility study to convert their ammonia production facility to run on green and renewable hydrogen and acquired a 60% stake in the Dutch company HyET, which also manufactures hydrogen technologies.

Wider objective of supplying 15 tonnes of green hydrogen to the world

Fortescue Future Industries’s vision is to produce affordable green hydrogen with the goal of delivering 15 tonnes of green hydrogen to the world by 2030.

Earlier in October, Fortescue Metals Group unveiled its goal of achieving zero net Scope 3 emissions by 2040 across its global value chain, including crude steel manufacturing which accounts for 98% of emissions. of scope-3.

Fortescue CEO Elizabeth Gaines said the company has started its transition from a producer of pure iron ore to a renewable energy and green resource company.

The following medium-term objectives include:

  • Enable a reduction in emission intensity levels from Fortescue Ore Shipment (ASX: FMG) by 50% by 2030 from FY21 levels; and
  • Enable a reduction in the intensity levels of emissions from steelmaking by Fortescue customers from 7.5% by 2030 from FY21 levels to 100% by 2040.

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