Fortescue Metals Group will buy Williams Advanced Engineering Limited (WAE) from non-public fairness agency EMK Capital and Williams Grand Prix Engineering for £164 million (US$222.15 million), the iron one miner mentioned on Monday (Jan 24).
Fortescue added that one of many first main tasks to be developed might be a battery electrical prepare idea, particulars of which might be launched in early 2022.
Fortescue Future Industries (FFI) and WAE will work collectively to decarbonise Fortescue – and in flip the worldwide heavy trade and arduous to abate sectors, Fortescue chairman Andrew Forrest mentioned.
Australia’s richest man, Forrest is wanting to flip the corporate into the world’s greatest inexperienced vitality group, with a give attention to hydrogen at its inexperienced energy arm, FFI.
“This acquisition and investment will facilitate 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,” WAE CEO Craig Wilson mentioned.
The transaction, which might be funded from Fortescue’s present liquidity sources, was anticipated to conclude by the tip of March.