Australia’s Fortescue Metals Group has approved the final investment decision (FID) to construct two green hydrogen and one green metals projects in the US and Australia, totalling $750m of investment over three years.
Fortescue plans to invest around $550m to establish its Phoenix Hydrogen Hub in Arizona, US. Expected to boast 80MW of electrolysis as well as liquefaction capacity, the facility is anticipated to produce up to 11,000 tonnes of liquid green hydrogen per year. First production is planned for 2026.
The company announced it would acquire the Phoenix hub from Nikola Corporation in July (2023). Fortescue has now revealed the acquisition cost $24m.
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