Fortescue Future Industries, a global green energy company, and Tree Energy Solutions (TES), a green hydrogen company, will collaborate to build a green hydrogen integrated project to help Europe address its present energy and climate crises. Fortescue will provide $29.7 million in equity to TES to become a strategic shareholder there. Additionally, it will contribute $99.16 million to acquire a substantial part in the development of the TES import facility in Wilhelmshaven, Germany.
By 2026, the first green hydrogen supplies into the TES terminal are anticipated. The supply of 300,000 tonnes of green hydrogen will be purchased by the two companies in the first phase with final locations being currently discussed. The projects will produce enough renewable energy to supply 1.5 million homes. The partnership leverages use of TES’s business model, which blends recycled carbon dioxide with hydrogen to create an effective, circular, net-zero energy loop, and Fortescue’s experience in creating large-scale renewable energy projects.
Recently, in accordance with EU State Aid rules, the European Commission authorised Euro 134 million German initiative to assist BASF SE in producing renewable hydrogen with the objectives of decarbonising its chemical production processes and promoting hydrogen use in the transportation sector.