Fortescue Future Industries (“FFI”) and Tree Energy Solutions (“TES”), both companies stacked with a very smart and far-seeing team, have agreed to develop the world’s largest green hydrogen integrated project “to help Europe mitigate its current energy and climate crisis and to bring green molecules to Europe,” as TES says in a press release.
The first phase of this partnership is to jointly develop and invest in the supply of 300,000 tonnes of green hydrogen with final locations being currently agreed. Final Investment Decision targeted for 2023.
FFI and TES have agreed to terms for FFI to make an equity investment of €30m to become a strategic shareholder in TES and to invest €100m for a significant stake in the construction of the TES import terminal in Wilhelmshaven, Germany. FFI CEO Mark Hutchinson said “this investment supports the delivery of Fortescue’s supply agreement with E.ON, Germany’s largest energy distributor. In March of this year we announced we would supply 5 million tons of green hydrogen to Germany, commencing mid – decade.”