Fortescue invests in the future of American jobs, green energy and manufacturing, supported by the Inflation Reduction Act

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Algemeen advies 18/11/2023 07:06
Fortescue founder and Executive Chairman, Dr Andrew Forrest AO, has today announced at APEC that global green energy, metals, and technology company, Fortescue, will rapidly expand its US presence as a direct result of the Inflation Reduction Act (IRA). The IRA is demonstrating that countries which incentivise green energy place an economic engine firmly inside their economies, growing employment, careers and the standard of living.

Fortescue will create clean energy opportunities that will benefit the USA and Asia Pacific, today announcing:

US$35million to kickstart a US Advanced Manufacturing Center in Michigan, with the potential to create 600 American jobs in its first phase.
The formation of Fortescue Capital, a new green energy investment accelerator platform, headquartered in New York, with Robert Tichio as CEO and Managing Partner.
The Phoenix Hydrogen Hub Green Hydrogen project is on track to go to the Fortescue Board for Final Investment Decision this year, potentially moving into operations in 2024.
Fortescue is forging forward with its Centralia project, boosted by its selection by the US Department of Energy, for funding as part of the Pacific Northwest Hydrogen Hub.
Fortescue Executive Chairman and Founder, Dr Andrew Forrest, said, “the IRA makes the United States the most attractive place in the world for green energy and green manufacturing projects. Fortescue is putting the United States at the forefront of our global strategy, with the incentives on offer, a win for both the US and the wider Asia Pacific region.”

“The leadership the USA has shown, specifically matching policy settings to climate risk, will help to accelerate green energy development in the USA and globally.”

“This investment in the next generation of US green energy and manufacturing projects will help decarbonize business and heavy industry, and in turn create a strong economic future and create more American jobs,” Dr Forrest said.

US Advanced Manufacturing Center

Fortescue is investing US$35million to start building a US Advanced Manufacturing Center in Michigan, which has the potential to create up to 600 new jobs in its first phase. It is expected to become a major hub for Fortescue’s production of automotive and heavy industry batteries, hydrogen generators, fast chargers, and electrolyzers.

Fortescue’s new manufacturing center is anticipated to directly benefit from IRA tax credits for Battery Modules, up to US$10 per kWh.

Fortescue Energy CEO, Mark Hutchinson, said, “Michigan and the United States are extremely attractive places to manufacture, given the skilled workforce, existing supply chain and incentives from state and federal governments, including the Inflation Reduction Act.”

Fortescue Capital
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