Fortescue looks to licence out green tech to rivals
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The news: Fortescue will look to lease out its proprietary fleet management system to other miners as it looks to capitalise on its investment in green technology, chair Andrew Forrest has told shareholders.
The numbers: Fortescue's share price was down 1.31% to $18.86 by 3:25pm AEDT and over the last 12 months has plunged 18.86%.
The context: Speaking at Fortescue's annual general meeting, Forrest said the company had developed its own patented technology stack called 'Fortex'.
It is part of the miner's larger operational system, which manages hundreds of vehicles, including the first of its new electric fleet, and green energy infrastructure.
It comes as the miner looks to lead the way in the resources industry on electrification and explore ways to monetise its technology.
What they said: "It's owned by your company. It's the most efficient fleet management system in the world, and we will, of course be happy to license [it] to others to improve the global world of mining productivity," Forrest said.
The source: Fortescue AGM
