Australian mining company Fortescue Metals Group is investing €130m ($129m) in Belgian-based hydrogen startup Tree Energy Solutions (TES), a company that is developing a green energy hub in the German port of Wilhelmshaven.
Under the agreement, Fortescue’s green energy division, Fortescue Future Industries (FFI), will invest €30m to become a shareholder in Tree Energy Solutions and invest around €100m in the construction of the Wilhelmshaven energy import terminal.
The deal will also see Fortescue become a major shareholder with a 30% stake in TES’ subsidiary Deutsche Grüngas und Energieversorgung, the company behind the Wilhelmshaven project.
FFI joins a group of investors in TES comprised of international financial institutions and multinational energy companies, including E.ON, HSBC, UniCredit and Eyal Ofer-led Zodiac Maritime.
The first phase of the partnership with TES is to jointly develop and invest in the supply of 300,000 tonnes of green hydrogen, with final locations being currently agreed, and a financial investment decision targeted in 2023.
The first delivery of green hydrogen into TES’ terminal in Germany is anticipated to take place in 2026. Initial collaboration projects will be focused on Australia, Europe, the Middle East and Africa.
Tags: Fortescue Future Industries (FFI), Tree Energy Solutions, Wilhelmshaven Port
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