Marking its transition to a global green renewables and resources company, Fortescue has completed the acquisition of UK-based Williams Advanced Engineering (WAE), in a move that is expected to create hundreds of new jobs and facilitate hundreds of millions of dollars in decarbonisation initiatives in the years ahead.
WAE will remain a strongly independent company to accelerate its growth, while its leading battery technology division will be closely coordinated with Fortescue. Both will be managed by Fortescue’s green energy, technology and development company Fortescue Future Industries (FFI).
To mark the purchase at the Oxfordshire site, WAE and Fortescue announced the world first, zero emission “Infinity Train”. The regenerating battery electric iron ore train project will use gravitational energy to recharge its battery electric systems without any additional charging requirements for the return trip to reload.
Fortescue Founder and Chairman, Dr Andrew Forrest, said “The Infinity Train will not only accelerate Fortescue’s race to reach net zero emissions by 2030, but also lower our operating costs, create maintenance efficiencies and productivity opportunities.The Infinity Train will join Fortescue’s green fleet and will contribute to Fortescue becoming a major player in the growing global market for green industrial transport equipment, providing great value for our shareholders. The Infinity Train continues FFI’s inexorable march to change the world’s attitude to energy generation. To move business leaders and politicians globally to the realisation that fossil fuel is just one source of energy and there are others rapidly emerging, which are more efficient, lower cost and green. The world must, and clearly can, move on from its highly polluting, deadly if not stopped epoch“.
The technology, to be jointly developed by Fortescue and WAE, will address the reduction in emissions in the hard to abate heavy industry sector with significant opportunities for this technology to be commercialised on a global basis.
Fortescue Chief Executive Officer, Elizabeth Gaines said, “The acquisition of WAE is an important step in Fortescue’s transition to a global green energy and resources company. We are rapidly establishing the building blocks which will allow us to fully integrate technologies, manufacturing capabilities and green energy generation and distribution to deliver across the entire value chain. The Infinity Train is an important project to be developed together with WAE, as we work to deliver on our target to decarbonise our mining operations by 2030.
WAE Chief Executive Officer, Craig Wilson said, “High performance battery and electrification systems are at the core of what we do and now that we are part of the Fortescue family, this presents an exciting opportunity to develop new technologies as we work together to tackle climate change.”