Fortescue Metals Group to Acquire Leading Engineering and Battery Firm

SEATTLE (Scrap Monster): Fortescue Metals Group announced its decision to acquire a leading engineering and battery company, to boost its efforts to decarbonise its fleet and equipment. The transaction is expected to be completed by the end of Q1 2022 and will be fully funded by existing liquidity.

The purchase of Williams Advanced Engineering (WAE) Limited from private equity firm EMK Capital and Williams Grand Prix Engineering Limited is for a sum of approximately $225 million. It must be noted that the iron ore miner had been working with WAE since early 2021 in building a prototype battery to power an electric haul truck. The additional details on implementation of the innovative concept of a battery-electric train will also be released soon.

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Fortescue intends to turn itself into one of the world’s biggest green energy companies. The collaboration with WAE will help the company to develop battery electric solutions, which in turn will cut the diesel consumption by its mining fleet and heavy equipment. It must be noted that rival miners such as BHP and Rio Tinto too had recently announced purchase of battery-powered electric trains to transport iron ore.

Upon conclusion of the acquisition deal, WAE will be managed by Fortescue Future Industries (FFI).