A truck carrying iron ore moves along a road at the Fortescue Metals Group Christmas Creek iron ore mine south of Port Hedland in the Pilbara region of Western Australia, Nov 17, 2015, Nov 17, 2015. Fortescue Future Industries FFI and WAE will work together to decarbonise Fortescue and the global heavy industry and hard to abate sectors, according to Fortescue chairman Andrew Forrest.
Australia's richest man, Forrest, is looking to turn the company into the world's biggest green energy group, with a focus on hydrogen at its green power arm, FFI.
WAE CEO Craig Wilson said that this acquisition and investment will allow the company to grow further to support the delivery of zero emission products and services across existing sectors such as automotive, motorsport and off-highway and new sectors.
The transaction, which will be funded from Fortescue's existing liquidity sources, is expected to be completed by the end of March.