Australia’s Fortescue invests in TES

Australia’s Fortescue Future Industries, a unit of iron ore producer Fortescue Metals Group, has agreed to invest in Belgium-based TES, the developer of an LNG and hydrogen hub in Wilhelmshaven.

With this move, Fortescue joins German energy firm E.ON and Eyal Ofer’s shipping company Zodiac Maritime and others who already invested in TES.

According to a joint statement, FFI and TES have agreed to develop “the world’s largest green hydrogen integrated project to help Europe mitigate its current energy and climate crisis and to bring green molecules to Europe”.

The first phase of this partnership is to jointly develop and invest in the supply of 300,000 tonnes of green hydrogen.

TES said the partners are working on final locations for this development and plan to take a final investment decision in 2023.

Moreover, FFI and TES have agreed terms for the Australian company to make an equity investment of 30 million euros ($29.5 million) to become a strategic shareholder in TES.

Fortescue’s unit will also invest 100 million euros for a “significant stake” in the construction of the TES import terminal in Wilhelmshaven, Germany.

To provide immediate energy security for Europe, the German Federal Ministry of Economics and Climate Protection recently selected TES, E.ON, and France’s Engie to jointly develop and implement Germany’s fifth FSRU in Wilhelmshaven.

The partners will deploy an FSRU chartered from US player Excelerate Energy in Wilhelmshaven in 2023.

In parallel, TES plans to import green hydrogen via the terminal.

TES previously said it aims to integrate the import of green molecules within the first 12 months that the FSRU is in operation.

- Advertisements -

Most Popular

BP expects LNG demand to grow up to 40 percent by 2030

UK-based energy giant BP expects global demand for liquefied natural gas (LNG) to rise up to 40 percent by...

Venture Global’s Plaquemines LNG gets OK to introduce gas to GTG

US LNG exporter Venture Global LNG has received approval from US energy regulators to introduce natural gas to the...

Honeywell to buy Air Products’ LNG business for $1.81 billion

US conglomerate Honeywell has agreed to acquire Air Products’ liquefied natural gas (LNG) process technology and equipment business for...

More News Like This

Excelerate’s FSRU to visit Spanish yard ahead of German gig

Excelerate Energy’s FSRU Excelsior is heading towards a yard in Spain for a planned technical stop ahead of the...

TES picks jettyless tech for Wilhelmshaven LNG import project

Belgium-based Tree Energy Solutions (TES) has contracted Norway's ECOnnect Energy to provide the latter's jettyless IQuay solution for the...

Excelerate seals German FSRU charter deal

US floating LNG player Excelerate Energy has signed a five-year contract with Germany to charter its FSRU Excelsior for...

E.ON, TES, Engie to deploy Excelerate’s FSRU in Germany

Germany's E.ON, Belgium-based Tree Energy Solutions (TES), and a unit of France’s Engie will deploy an FSRU chartered from...