Fortescue Future Industries to explore potential green hydrogen projects in India

Fortescue Future Industries (FFI) has entered into a framework agreement with JSW
Future Energy Limited, a wholly owned subsidiary of JSW Energy Limited, to explore
opportunities to develop green hydrogen projects in India.
Under the agreement, FFI and JSW Energy will collaborate and conduct scoping work on
potential projects relating to the production of green hydrogen and explore opportunities to
utilise it for green steel making, hydrogen mobility, green ammonia and other mutually
agreed industrial applications in India.

FFI CEO, Julie Shuttleworth said, “FFI’s goal is to become the world’s leading fully
renewable energy and green products company.

“The world’s transition to a renewable energy future represents a major growth opportunity
and there will be many important markets for green hydrogen in the coming decade.
Collaborating with JSW Energy provides an exciting opportunity to explore India’s
renewable energy and green hydrogen market and positively contribute to India’s
decarbonisation ambitions.

“FFI is actively establishing a portfolio of projects associated with renewable green
hydrogen and green industrial products. We look forward to working with JSW Energy on
potential projects in India and providing a strong contribution to the world’s transition away
from fossil fuels.”

JSW Energy Joint Managing Director and CEO, Mr. Prashant Jain said, “JSW Energy has
laid out a strategic blueprint to become a 20 GW capacity power generating company by
2030 with about 85% of the portfolio comprising of green and renewable energy
sources.
“We also aspire to be a green energy future tech company with a pro-active approach to
adopt innovative technologies like green hydrogen, offshore wind, battery energy
storage and be a front-runner in the green energy revolution.

“Green hydrogen is going to be the disruptor in the clean energy space and in the near
future we believe it will replace the fossil fuels used for various industrial applications as
well as in the transportation and mobility sector.

“We are excited about the partnership with FFI which has a promising repertoire of work
in this area and I am confident that along with FFI, we will create a new era of green
hydrogen applications in India and fulfill our net zero commitments earlier than our target
of 2050.”

About FFI:

FFI is the 100 per cent renewable green energy and industry company of Fortescue
Metals Group Limited (Fortescue).
FFI is establishing a global portfolio of renewable green hydrogen and green ammonia
operations that will position FFI at the forefront of a global renewable hydrogen industry.

FFI will leverage Fortescue’s world leading track record of innovation and development of
large-scale integrated infrastructure assets in order to deliver FFI’s vision of green
hydrogen becoming the most globally traded seaborne energy commodity in the world,
with an initial plan to produce 15 million tonnes per annum of green hydrogen by 2030.

FFI’s vision is further supported by Fortescue’s commitment to lead the heavy industry
battle against global warming, and in March 2021, Fortescue announced an industryleading target to achieve carbon neutrality by 2030. FFI is a key enabler of achieving this
target through the development of its green electricity, green hydrogen, green ammonia
and other green industrial projects.

About JSW Future Energy Limited:

JSW Future Energy Limited is a 100% subsidiary of JSW Energy Limited (JSWEL), a
leading power company in India, and part of the US$ 13 bn JSW Group – a diversified
business conglomerate in India with interests across Steel, Energy, Infrastructure,
Cement, Paints, Sports and Venture Capital. JSWEL currently has 4,559 MW of
operational Thermal, Hydro and Solar Power capacity. The Company has around 2,500
MW of Renewable energy projects under construction which are likely to be completed by
2023. JSWEL has outlined a blueprint to reach 20 GW of capacity by 2030 and expand
the share of Renewable Energy in its portfolio to 85% from 30% currently. JSWEL has
also committed to net zero carbon emission target by 2050.

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