Fortescue to invest US$35m in US green manufacturing plant
Make us a preferred source
Make us a preferred source on Google
The news: Fortescue Metals will invest USD35 million ($54 million to kickstart an advanced manufacturing hub in Michigan.
The numbers: The US Advanced Manufacturing Center will potentially create up to 600 jobs in its first phase as part of Fortescue's global expansion of its manufacturing capabilities, Fortescue said. It's expected to become a major hub for the company's production of automotive and heavy industry batteries, hydrogen generators, fast charges and electrolysers.
The context: Fortescue's new manufacturing centre is expected to directly benefit from Inflation Reduction Act tax credits for Battery Modules, up to USD10 per kWh. The company previously announced in October that it would become a lead a investor in US green hydrogen startup Electric Hydrogen's Series C funding round.
What they said: "We are committed to investing in the next generation of green manufacturing projects that will help decarbonise business and heavy industry, and in turn create a strong future for manufacturing jobs in the US," Fortescue Energy CEO Mark Hutchinson said.
"Michigan and the US are extremely attractive places to manufacture, given the skilled workforce, existing supply chain and significant incentives from state and federal governments, including the Inflation Reduction Act."
The source: Fortescue Media Release
