Fortescue Future Industries acquires Dutch-based solar PV company


Fortescue Future Industries (FFI) has acquired a 60% stake in High yield Energy Technologies (HyET) Group, a Dutch based solar PV company.

The company said the acquisition marks an important milestone towards its plans to develop a 1GW solar PV module manufacturing plant in Australia and completing its vision to produce affordable green hydrogen.

According to the media release, FFI intends to supply 15 million tonnes of green hydrogen across the world by 2030.

“Green energies need to be available at an industrial, global scale. We don’t have time to wait, we have to act now,” FFI Founder and Fortescue Chairman Dr Andrew Forrest said.

“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.”

According to FFI Chief Executive Officer Julie Shuttleworth, the company intends to become the world’s leading, fully renewable energy and green products company.

“We have commenced the design study for a 1 GW Powerfoil factory in Australia and at this scale, we aim to rapidly drive costs down at a greater rate than is achievable with conventional Solar PV technology,” said Ms Shuttleworth.

“HyET Hydrogen’s technology will support FFI in reducing costs in other areas of the green hydrogen supply chain.”

HyET group consists of two companies, HyET Solar and HyET Hydrogen.

Rombout Swanborn, founder and director of HyET Hydrogen, said the partnership with FFI will help the company achieve its primary objective to further develop a sustainable and profitable business.

“We are incredibly pleased to have joined forces with Fortescue Future Industries. 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,” added Rombout Swanborn, Founder and Director of HyET Hydrogen.

Fortescue Future Industries is a wholly owned subsidiary of Australian iron ore giant Fortescue Metals Group.

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