Fortescue Future Industries (FFI) today announces it is investing in Europe and US based green hydrogen and renewable energy development company Zhero.
Together the two companies will work to find solutions to the energy crisis, as well as close the gap between climate ambition and climate action.
FFI joins Three Cairns Group and Galvanize Climate Solutions in a funding round and shareholding agreement that will help Zhero to accelerate the development of its team buildout and project pipeline delivery.
Zhero is targeting Final Investment Decision for 5GW of innovative projects by 2026 with its project development pipeline looking at opportunities in the US, Africa, the Middle East and Australia.
FFI CEO Mark Hutchinson said, "FFI is building a global portfolio of green hydrogen and renewable energy projects, as well as investing in the research and development required to aid the broader energy transition occurring globally."
"Europe needs solutions urgently to replace Russian fossil fuels, and the world needs solutions rapidly to keep temperatures under 1.5 degrees Celsius. The more we work together, the better placed we will be to achieve success.
"The transition to green hydrogen and renewable energy solutions is already underway, but we need to move faster, not slower and investing in companies like Zhero could help make it happen quicker than FFI could on its own," said Mr Hutchinson.
Zhero's first investment is in Tree Energy Solutions (TES), which aims to accelerate the development of an import facility in Germany.
The first delivery of green hydrogen into TES' terminal in Wilhelmshaven is anticipated to take place in 2026.
Zhero founder Marco Alverà said, "We are pleased to announce the entry into our capital of valuable partners such as FFI to accelerate the delivery of scalable, affordable green hydrogen and renewable energy, including storage solutions."
"The backing of major investors in the renewable energy space like FFI will help Zhero to also become a leading player," said Mr Alverà.
