Fortescue gets 200 million euros for Norway green ammonia plant
Reuters
Published Dec 15, 2023 12:44
(Reuters) - Australia's Fortescue on Friday said it received 200 million euros ($219.3 million) from the European Union (EU) for its Holmaneset Project, a flagship green ammonia plant in Norway.
The plant aims to capitalise on the Norwegian transmission grid's surplus renewable energy and ship the resulting green ammonia to domestic and European markets, the iron ore miner said in a statement.
"The green hydrogen and green ammonia produced near Svelgen has the potential to replace fossil fuels in industries that find it difficult to cut emissions, like long-haul transport, shipping and heavy industry," Fortescue Norway Country Manager Thor Magnus Rovik said.
The company is currently targeting the plant's construction to commence in 2025, and operations in 2027, pending final approvals from the board.
Last month, Fortescue approved an estimated total investment of about $750 million over the next three years for two green energy and one green steel projects.
It has also significantly stepped up investments in renewable projects amid a global decarbonisation push, but that has led to an exodus of high-level management and raised investor concerns.
($1 = 0.9120 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.