Dan Murtaugh, Bloomberg News
Andrew Forrest, chairman of Fortescue Metals Group Ltd., reacts during a panel session on day two of the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, on Thursday, June 3, 2021. President Vladimir Putin will host Russia’s flagship investor showcase as he seeks to demonstrate its stuttering economy is back to business as usual despite continuing risks from Covid-19 and new waves of western sanctions. , Bloomberg
(Bloomberg) -- Billionaire mining magnate Andrew Forrest is planning a massive factory to build equipment to produce green hydrogen in a key Australian coal hub.
Fortescue Metals Group Ltd.’s energy unit will build a plant with initial capacity to make two gigawatts of electrolyzers a year in Gladstone in Queensland, home to one of the world’s largest coal-export terminals. Construction will start in February with manufacturing targeted to begin in early 2023, the company said in a Sunday statement.
The initial capacity would make the plant among the largest in the world and vault Australia into early competition with China as a leading producer of the equipment. When paired with renewable energy, electrolyzers can make hydrogen that can be stored and transported and eventually converted into carbon-free energy for power or transportation.
“This initiative is a critical step in Fortescue’s transition from a highly successful pure play iron ore producer, to an even more successful green renewables and resources powerhouse,” Forrest said.
Investment by Fortescue Future Industries, initially $83 million and potentially rising to $650 million, is part of a boom for the equipment, which runs an electric current through water to separate it into hydrogen and oxygen. About 16 gigawatts of manufacturing capacity could come online by 2024, according to BloombergNEF, likely leaving the market over-saturated.
Chinese solar manufacturers have been leading that surge, with Longi Green Energy Technology Co. and Sungrow Power Supply Co. expected to commission a combined 2.5 gigawatts of manufacturing capacity by the end of 2022, BNEF said in a July report.
Fortescue will also carry out a study with fertilizer supplier Incitec Pivot Ltd. on the feasibility of converting an ammonia production facility in Brisbane from natural gas to green hydrogen, the company said in a separate Monday statement.
©2021 Bloomberg L.P.
New $1 billion-plus project in Queensland to double world's green hydrogen production capacity
By Phoebe Hosier
Posted Sat 9 Oct 2021
By Phoebe Hosier
Posted Sat 9 Oct 2021
Fortescue Future Industries founder Dr Andrew Forrest and Queensland Premier Annastacia Palaszczuk announcing the project in Gladstone.
(ABC News: Katrina Beavan)
Fortescue Future Industries (FFI) will build the world's largest green energy hydrogen manufacturing facility in Central Queensland, mining billionaire and company founder Andrew "Twiggy" Forrest says.
Key points:
Fortescue Future Industries' new facility is expected to double the world's green hydrogen capacity
The $1 billion-plus investment is expected bring thousands of jobs into the future
When completed, its green hydrogen manufacturing facility will be the biggest of its kind in the world
The first step in the project — a $115 million manufacturing facility set to be built in Aldoga, west of Gladstone — is expected to double the world's green hydrogen production capacity and bring thousands of jobs to Queensland’s energy industry for years to come.
The plant will be manufacturing green energy infrastructure and equipment — such as electrolysers, cabling and wind turbines — to create green hydrogen that will be exported across the world.
Mr Forrest said the announcement marked the first stage of a "billion-plus dollar", six-step operation.
The first stage of the operation, which is expected to be completed early next year, is set to create 120 construction jobs and 53 operational jobs.
Mr Forrest described the proposed facility as a "breakthrough" for Australia's green energy market that signalled the start of an industrial revolution.
"We will not allow the world to keep on cooking — we will not allow our children to inherit a much-less stable environment."This is the future," Mr Forrest said from the Port of Gladstone.
"I'm convinced we have thousands of times more energy available than we'll ever need
Fortescue Future Industries (FFI) will build the world's largest green energy hydrogen manufacturing facility in Central Queensland, mining billionaire and company founder Andrew "Twiggy" Forrest says.
Key points:
Fortescue Future Industries' new facility is expected to double the world's green hydrogen capacity
The $1 billion-plus investment is expected bring thousands of jobs into the future
When completed, its green hydrogen manufacturing facility will be the biggest of its kind in the world
The first step in the project — a $115 million manufacturing facility set to be built in Aldoga, west of Gladstone — is expected to double the world's green hydrogen production capacity and bring thousands of jobs to Queensland’s energy industry for years to come.
The plant will be manufacturing green energy infrastructure and equipment — such as electrolysers, cabling and wind turbines — to create green hydrogen that will be exported across the world.
Mr Forrest said the announcement marked the first stage of a "billion-plus dollar", six-step operation.
The first stage of the operation, which is expected to be completed early next year, is set to create 120 construction jobs and 53 operational jobs.
Mr Forrest described the proposed facility as a "breakthrough" for Australia's green energy market that signalled the start of an industrial revolution.
"We will not allow the world to keep on cooking — we will not allow our children to inherit a much-less stable environment."This is the future," Mr Forrest said from the Port of Gladstone.
"I'm convinced we have thousands of times more energy available than we'll ever need
.
"The world absolutely can — and, therefore, must — move on from a polluting future."
Mr Forrest said the facility would double the world's green hydrogen production capacity, with the first stage expected to produce 2 gigawatts of hydrogen electrolysers each year.
Electrolysers split hydrogen from water, producing emission-free energy.
Mr Forrest said he had spent the past 15 months travelling to 62 countries across the globe to determine the best location to build the facility.
"Queensland has the beautiful combination of wind and solar and you have a hard-working, educated people [and] a great government steering into a green hydrogen future," he said.
Mr Forrest said he expected the first electrolysers to be produced and ready to be exported by 2023.
"The world absolutely can — and, therefore, must — move on from a polluting future."
Mr Forrest said the facility would double the world's green hydrogen production capacity, with the first stage expected to produce 2 gigawatts of hydrogen electrolysers each year.
Electrolysers split hydrogen from water, producing emission-free energy.
Mr Forrest said he had spent the past 15 months travelling to 62 countries across the globe to determine the best location to build the facility.
"Queensland has the beautiful combination of wind and solar and you have a hard-working, educated people [and] a great government steering into a green hydrogen future," he said.
Mr Forrest said he expected the first electrolysers to be produced and ready to be exported by 2023.
Electrolysers split hydrogen from water, producing emission-free energy.(ABC News)
Renewable 'energy superpower'
Premier Annastacia Palaszczuk said the announcement secured Queensland as part of the "green renewably hydrogen energy revolution".
"Hydrogen is part of Queensland's future and [this] sets Queensland up to be an energy powerhouse in green renewable energy," she said.
Ms Palaszczuk said the announcement was as significant for the state's future as winning the right to host the 2032 Olympic Games.
"Our close proximity to Asia, our great trading relationships but, in terms of manufacturing, this will mean there will be ongoing jobs … into the thousands into the future," she said.
The Premier said 300 jobs would be created in regional Queensland over the lifespan of the facility.
"Now we are moving to the next level. The next 11 years leading up to the Olympics will transform our state," Ms Palaszczuk said.
Premier Annastacia Palaszczuk said the announcement secured Queensland as part of the "green renewably hydrogen energy revolution".
"Hydrogen is part of Queensland's future and [this] sets Queensland up to be an energy powerhouse in green renewable energy," she said.
Ms Palaszczuk said the announcement was as significant for the state's future as winning the right to host the 2032 Olympic Games.
"Our close proximity to Asia, our great trading relationships but, in terms of manufacturing, this will mean there will be ongoing jobs … into the thousands into the future," she said.
The Premier said 300 jobs would be created in regional Queensland over the lifespan of the facility.
"Now we are moving to the next level. The next 11 years leading up to the Olympics will transform our state," Ms Palaszczuk said.
An artist's impression of FFI's green energy hydrogen manufacturing facility in Gladstone in Central Queensland.(Supplied)
Queensland Treasurer Cameron Dick said the announcement heralded "a sunrise on a new industry for Queensland".
Mr Dick said the facility was expected to double the world's green hydrogen capacity, with the first stage of the operation expected to generate 2 gigawatts.
"We will almost triple it right here in this state … we can be that energy superpower for the world," Mr Dick said.
He said the facility would mean Traditional Owners in the Gladstone region could be offered secure work in the industry, while training would be set up in local high schools.
Earlier this year, Mr Forrest estimated the green hydrogen market could generate revenues of $US12 trillion by 2050.
He said his company had committed to going carbon neutral by 2030.
The announcement comes as the federal government remains yet to set a target of net-zero emissions by 2050.
Australia has faced increasing international pressure to agree to the 2050 goal after the US and UK sought assurances of a sufficient reduction in emissions.
Queensland Treasurer Cameron Dick said the announcement heralded "a sunrise on a new industry for Queensland".
Mr Dick said the facility was expected to double the world's green hydrogen capacity, with the first stage of the operation expected to generate 2 gigawatts.
"We will almost triple it right here in this state … we can be that energy superpower for the world," Mr Dick said.
He said the facility would mean Traditional Owners in the Gladstone region could be offered secure work in the industry, while training would be set up in local high schools.
Earlier this year, Mr Forrest estimated the green hydrogen market could generate revenues of $US12 trillion by 2050.
He said his company had committed to going carbon neutral by 2030.
The announcement comes as the federal government remains yet to set a target of net-zero emissions by 2050.
Australia has faced increasing international pressure to agree to the 2050 goal after the US and UK sought assurances of a sufficient reduction in emissions.
Map showing FFI's master plan.(Supplied)
Posted 9 Oct 2021,
Posted 9 Oct 2021,
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