Fortescue bets on US hydrogen startup EH2
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The news: Iron ore giant Fortescue will become lead investor in US green hydrogen startup Electric Hydrogen's Series C funding round.
The numbers: Fortescue did not confirm how much of the $USD380 million ($443.7 million) the miner would contribute alongside backers including BP, United Airlines and Microsoft. Fortescue shares were trading mostly flat, fetching $20.745 at 11:40am AEST, up 0.07% for the day.
The context: Electric Hydrogen claims its electrolyser will make green hydrogen economically feasible. Electrolysers are famously expensive and consume large amounts of energy to split water molecules into hydrogen and oxygen. Fortescue has suffered from significant executive churn in recent years, losing two mining division chief financial officers and former energy division CFO Guy Debelle since August 2022. Mining division chief executive Fiona Hick also departed recently after barely six months in the role.
The source: Fortescue Media Release
