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Fortescue Invests $21.9M in HyTerra

Fortescue Invests $21.9M in HyTerra

Anela DoksoBy Anela Dokso29/08/20242 Mins Read
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HyTerra received a significant investment from Fortescue Future Industries Technologies, a subsidiary of Fortescue. The A$21.9 million investment will secure Fortescue a 39.8% stake in HyTerra, pending shareholder approval.

The financial boost from Fortescue is set to fully fund an expanded exploration phase of HyTerra’s Nemaha Project in Kansas. White hydrogen, a naturally occurring gas extracted using conventional techniques, is at the core of this project. With Fortescue’s backing, HyTerra plans to increase its lease acreage and execute a more rigorous exploration program. This will include drilling six wells across multiple geological plays to identify the most promising areas for further development.

While the investment strengthens HyTerra’s financial position, it also comes with strategic benefits. A Strategic Alliance Agreement between HyTerra and Fortescue is anticipated, which will facilitate collaboration on the Nemaha Project and potentially open doors to global opportunities in the hydrogen sector.

Fortescue’s stake in HyTerra will make it the company’s largest shareholder, giving it substantial influence over HyTerra’s operations. This could be a double-edged sword, as it places significant pressure on HyTerra to deliver results that align with Fortescue’s broader decarbonization strategy.

Moreover, while white hydrogen presents a promising avenue for clean energy, it remains to be seen whether the expanded exploration will yield commercially viable results. The market for hydrogen is still in its early stages, and the economic feasibility of large-scale white hydrogen production is not yet proven.

Fortescue’s involvement in the Nemaha Project is part of its broader strategy to accelerate decarbonization across industries. The company’s investment and subsequent influence on HyTerra’s board, including the right to nominate a Director, underscores its commitment to this goal. However, the success of this venture will depend on the ability of both companies to navigate the technical and economic challenges that come with pioneering a new energy resource.

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