Billionaire Forrest plans to plant green energy plant in rival China

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Billionaire Mineral Mirror Andrew Forrest plans to build a giant hydrogen plant in Australia’s coal plant.

The Fort Worth Metal Group Limited Power Unit is building its first plant to produce two gigabytes of electrolyzer per year in Glastonstone, Queensland, one of the world’s largest coal export terminals. A.D. Production is scheduled for early 2023 and construction will begin in February, the company said in a statement on Sunday.

Its launch capacity makes it one of the largest in the world and will put Australia ahead of China as a leading manufacturer of the device. When combined with renewable energy, electrolytes can be stored and transported for energy or transport and eventually produced hydrogen, which can be converted into carbon-free energy.

“This initiative is a critical step in the transition from the most successful pure steel miner to a more successful green renewable and resource power,” Forrest said.

Investment in Fortescue’s future industries, which could initially raise $ 83 million and increase to $ 650 million, is an integral part of the underwater equipment to convert electricity into hydrogen and oxygen. According to Bloomberg NF, the 16-watt production capacity could come online by 2024, and the market may be overcrowded.

Chinese solar producers are leading the way, with Long Green Energy Technology and Sungro Power Supply Company expected to produce 2.5 megawatts by the end of 2022, the BFF reported in July.

Fortisky will also study the conversion of ammonia from natural gas to green hydrogen in Brisbane with fertilizer supplier Ettec Pivot Limited, the company said in a statement on Monday.

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