Fortescue Future Industries (FFI) invests in European and American green hydrogen and renewable energy development company, Zhero.
Together, the two companies will work to find solutions to the energy crisis, as well as to close the gap between climate ambition and climate action.
FFI joins Three Cairns Group and Galvanize Climate Solutions in a funding round and equity ownership agreement that will help Zhero accelerate the development of its team building and project pipeline delivery.
Zhero is aiming for a final investment decision for 5 GW of innovative projects by 2026 with its project development pipeline that seeks opportunities in the United States, Africa, the Middle East and Australia.
FFI CEO Mark Hutchinson said, “FFI is building a global portfolio of green hydrogen and renewable energy projects, and investing in the research and development needed to contribute to the broader energy transition taking place in worldwide.
“Europe urgently needs solutions to replace Russian fossil fuels, and the world needs solutions fast to keep temperatures below 1.5°C. The more we work together, the better positioned we will be to succeed.
“The transition to green hydrogen and renewable energy solutions is already underway, but we need to go faster, not slower, and investing in companies like Zhero could help get there faster than FFI does. alone could.”
Zhero’s first investment is in Tree Energy Solutions (TES), which aims to accelerate the development of an import facility in Germany.
The first delivery of green hydrogen to the TES terminal in Wilhelmshaven is expected to take place in 2026.
Zhero Founder, Marco Alverà, added: “We are pleased to announce the entry into our capital of valuable partners such as FFI to accelerate the delivery of scalable and affordable green hydrogen and renewable energy, including storage solutions.
“The backing of major renewable energy investors like FFI will help Zhero become a top player as well.”
For more news and technical articles on the global renewable energy industry, read the latest issue of Energy Global magazine.
Energy Global Fall 2022 issue
The Fall 2022 issue of Energy Global features a series of technical articles focusing on waves and tides, waste-to-energy, energy storage, solar technology, and more. This issue also features a regional report outlining how green hydrogen is playing a key role in the transition to renewable energy across Europe.
Read the article online at: https://www.energyglobal.com/other-renewables/31102022/fortescue-future-industries-invests-in-zhero/