Iron Ore Giant Fortescue Begins to Chart a New Course in Clean Energy

Iron Ore Giant Fortescue Begins to Chart a New Course in Clean Energy


Updated Nov. 20, 2023 9:58 pm ET

Australian iron-ore titan Fortescue Metals Group approved a $550 million green hydrogen project in Arizona, the centerpiece of an initial slate of projects aimed at recasting the company founded by billionaire Andrew Forrest as a clean energy giant.

The Phoenix Hydrogen Hub, in Buckeye, Ariz., was backed by directors in a $750 million, three-year investment plan announced Tuesday that also includes a green hydrogen project in Australia’s Queensland state and a project aimed at producing iron using renewable energy in Western Australia, where Fortescue runs its giant iron-ore mining operations.

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