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Fortescue Future Industries, A Subsidiary of Fortescue Metals Group, Invested US$ 6 Billion in Building a Green Hydrogen Plant in Ceará
Fortescue Future Industries (FFI), a subsidiary of Fortescue Metals Group, a global leader in the iron ore industry, invested US$ 6 billion to build a green hydrogen plant in Ceará. This is due to the promising outlook for the sustainable source, which is estimated to have a demand of 200 million tons by 2030.
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FFI signed a memorandum of understanding with the government of Ceará this Wednesday (7). The plant will be part of the Green Hydrogen Hub at the Pecém Industrial and Port Complex.
The mining company’s goal is to complete the construction as soon as possible in order to operate by 2025 and produce about 15 million tons of H2V by 2030. According to the CEO of the company, Julie Shuttleworth, FFI aims to make green hydrogen the most traded energy commodity in the world and also boost the use of green energy, maximizing renewable energy resources worldwide to produce sustainable electricity.
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Agustin Pichot, president of Fortescue for Latin America, stated that Ceará has excellent port infrastructure and a strategic location. The agreement for the construction of the plant will allow the country’s energy transition toward neutrality.
Other Investments by the Miner in H2V
Fortescue has other investments in green hydrogen plants, in addition to Ceará, with the goal of achieving net-zero emissions by 2030. The mining company plans to begin construction later this year on a plant for the production of green ammonia derived from H2V in Tasmania, Australia.
In addition to these investments, in March, the mining company had already signed a similar memorandum with the government of Rio de Janeiro to operate at Porto do Açu, also focused on developing a green hydrogen plant.
The Future Expansion of Green Hydrogen in Brazil
The demand for H2V was 90 million tons in 2020, and by 2030, it is estimated that this number will increase to 200 million tons, according to calculations by the International Energy Agency (IEA).
The study takes into account the replacement of hydrogen currently produced through fossil fuels. The IEA’s director of sustainability stated during last month’s United Nations High-Level Dialogue on Energy Ministerial Forum that Brazil has great potential for green hydrogen and that several companies are already playing important roles in this sector.
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