One of the world’s largest iron ore producers, Fortescue Metals Group (FMG), has announced it is acquiring Williams Advanced Engineering (WAE) in a deal worth £164 million.
WAE is an Oxford-based world-leading technology and engineering business born out of the Williams Formula 1 team, renowned for its projects in high performance battery systems and electrification.
The takeover will therefore help FMG acquire critical capabilities needed to help decarbonise the heavy industrial sector – which accounts for more than 20% of global carbon emissions.
The two companies will work together on projects that include Fortescue’s 3km long freight trains, 400 tonne haul trucks and industrial heavy mobile equipment.
“This is the race of our lifetimes – the race to save the planet from cooking,” said Dr Andrew Forrest, Fortescue founder and chairman.
“We welcome the WAE family into the Fortescue family to work together to de carbonise heavy industry and hard to abate sectors for the good of our planet, and the benefit of our shareholders.”
“This announcement is the key to unlocking the formula for removing fossil fuel powered machinery and replacing it with zero carbon emission technology, powered by FFI green electricity, green hydrogen and green ammonia.”
Chief executive of WAE Craig Wilson added: “High performance battery and electrification systems are at the core of what we do at WAE, and this acquisition and investment will enable the company’s further growth to support the delivery of zero emission products and services across existing sectors – such as automotive, motorsport and off-highway – and new sectors too.”