The unit expects to begin output of green hydrogen from 2024 at a small scale in the hundreds of thousands of tons, before quickly ramping up to hit its 2030 goal, he said. Fortescue has announced agreements over future supply deals with companies including Germany-based E.ON SE and JC Bamford Excavators Ltd. in the UK.
“When I think about how big this market is, it’s as big as replacing the entire fossil fuel market in the world, and it’s real now,” Hutchinson said, speaking on the sidelines of a government-hosted jobs and skills summit.
Forrest told investors earlier this week he’d been approached by fund managers over a potential $20 billion separate listing of FFI, though the firm argues there’s better value in retaining the hydrogen developer alongside the world’s No. 4 iron ore exporter.
“Once we get going at scale and just looking at the projects we have, it’s enormous,” according to Hutchinson.
7% of global natural gas supply is devoted to the production of ammonia. Decarbonising the production of fertiliser is a major aim of the green movement. Hydrogen is also a major intermediate product for the hydrocarbons industry.Click HERE to subscribe to Fuller Treacy Money Back to top