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Fortescue Future Industries acquires 60% stake in HyET

7 October 2021

The acquisition marks an important milestone in FFI’s vision to produce affordable green hydrogen

Australian based Fortescue Future Industries (FFI) has acquired a 60 per cent stake in Dutch based High yield Energy Technologies (HyET) Group and provided the majority share of financing for the expansion of HyET Solar’s Dutch Solar PV factory.

The acquisition marks an important milestone in FFI’s vision to produce affordable green hydrogen, with the aim to supply 15 million tonnes of green hydrogen globally by 2030.

FFI Chief Executive Officer Julie Shuttleworth A M said, “FFI’s goal is to become the world’s leading, fully renewable energy and green products company.

“The addition of HyET Solar and HyET Hydrogen to our portfolio of FFI companies builds on our commitment to develop technologies needed to tackle emissions and global warming.

“We have commenced the design study for a 1 GW Powerfoil factory in Australia and at this scale, we aim to rapidly drive costs down at a greater rate than is achievable with conventional Solar PV technology.

“HyET Hydrogen’s technology will support FFI in reducing costs in other areas of the green hydrogen supply chain,” Ms Shuttleworth said.

FFI Founder and Fortescue Chairman Dr Andrew Forrest AO said, “Green energies need to be available at an industrial, global scale. We don’t have time to wait, we have to act now.

“The technologies of the HyET companies will help us reach that tipping point and the world will begin the journey in earnest to become zero-carbon,” Dr Forrest said.

SuperNova NV, the founding partner of the HyET Group of companies, and Royal Vopak of Rotterdam, The Netherlands, remain the only other shareholders in both companies.

FFI and SuperNova NV have also in principle agreed to extend their cooperation to other current and future HyET Group activities.

Rombout Swanborn, founder and director of HyET Hydrogen and HyET Solar said, “We are incredibly pleased to have joined forces with Fortescue Future Industries.

“Not only does this enable us to contribute much more effectively to the creation of a renewable energy infrastructure, but now we also can strongly increase the scale of our activities – two important goals since we started up our companies,” Mr Swanborn said