Renewable energy firm acquires Williams Advanced Engineering for £164m

Renewable energy company, Fortescue Metals Group (FMG) is to acquire Williams Advanced Engineering (WAE) for £164 million.

The green renewable energy company FMG will bring together Williams Advanced Engineering with its company Fortescue Future Industries (FFI),  in a bid to met its net-zero target, using ground breaking innovation in the green energy space.

WAE, an offshoot from the Williams F1 team is already renowned for its ground-breaking projects in high performance battery systems and electrification.

The acquisition will enable Fortescue, one of the largest iron ore producers in the world and a heavy carbon emitter, to help bring green energy to life in its programmes such as the 3km long freight trains, 400 tonne haul trucks and industrial heavy mobile equipment. It will mean Fortescue can become a major player in the growing global market for green industrial transport equipment.

The heavy industrial sector accounts for more than 20 per cent of global carbon emissions.

Craig Wilson, Chief Executive Officer WAE said, “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. This will benefit all of our stakeholders along with current and future customers who are very important to us. My thanks also to EMK Capital for their support during the past two years that has enabled us to accelerate the successful progress of WAE and development of technologies to help tackle climate change”.

“We are delighted to play a key role in Fortescue’s decarbonisation strategy, contributing to the delivery of their emissions reduction targets through high performance battery systems, green hydrogen and related technologies. We will also be focusing on addressing the sector-wide challenges in the off-highway sector. Both companies have a shared culture of innovation, setting and achieving challenging objectives and a genuine commitment to creating a sustainable future.”

Fortescue Founder and Chairman, Dr Andrew Forrest AO said, “This is the race of our lifetimes – the race to save the planet from cooking. The speed at which we move matters. Together FFI and WAE will work to decarbonise Fortescue – with the aim of achieving that faster and more effectively than anyone else in the world”.

“This is an historic moment in the future of our company as 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,” Dr Forrest said.

“For decades, Sir Frank Williams’ F1 racing business was at the forefront of innovation in engineering and I thank him for his pioneering vision in founding WAE over a decade ago. I was sorry to hear of his passing last year and I pay tribute to him. I have huge respect for him, his family and the Williams’ business,” Dr Forrest said.