07/10/2021 - 12:00

Fortescue buys into Dutch energy tech business

07/10/2021 - 12:00

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Fortescue’s green hydrogen arm has bought a 60 per cent stake in Netherlands-based High yield Energy Technologies Group (HyET).

Rombout Swanborn (left) with Andrew Forrest and co-chief executive of HyET Solar, Maria Fennis.

Fortescue Metals Group’s green hydrogen arm has bought a 60 per cent stake in Netherlands-based High yield Energy Technologies (HyET) Group.

Fortescue Future Industries (FFI) is part of the iron ore major’s plans to become a green renewables and resources company and aims to supply 15 million tonnes of green hydrogen globally by 2030.

The acquisition includes HyET’s solar and hydrogen businesses. Its cost was not disclosed.

FFI chief executive Julie Shuttleworth said the technology would support the business in reducing costs in other areas of the green hydrogen supply chain.

“The addition of HyET Solar and HyET Hydrogen to our portfolio of FFI companies builds on our commitment to develop technologies needed to tackle emissions and global warming,” she said.

As part of the deal, FFI will provide a majority share of financing required for the expansion of HyET’s solar photovoltaics factory.

Commenting on today's announcement, Fortescue chairman Andrew Forrest said green energies were needed at an industrial and global scale.

“The technologies of the HyET companies will help us reach that tipping point and the world will begin the journey in earnest to become zero-carbon,” he said.

Rombout Swanborn, the founder and director of HyET Hydrogen and HyET Solar, said the group was pleased to have joined forces with FFI.

“Not only does this enable us to contribute much more effectively to the creation of a renewable energy infrastructure, but now we also can strongly increase the scale of our activities – two important goals since we started up our companies,” he said.

Nevada-headquartered SuperNova and Royal Vopak of Rotterdam are the only other shareholders of the HyET group of companies.

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