Fortescue Metals Group’s Green Investment Division has agreed to purchase the Williams Formula One Racing Team’s Battery and Technology division for £ 164m.
The Australian mining group said it will use the battery system and electrification technology acquired by Fortescue Future Industries to help achieve its goal of becoming carbon-neutral by 2030.
Andrew Forrest, the founder and chairman of Fortescue’s billionaire, told Financial Times that the deal was “the first merger of heavy industry and ultra-advanced electrical technology” and that mining companies “supported the world with battery technology.” Later, the deal was closed. ” .. “
He said electrification and battery expertise, along with green hydrogen and ammonia energy, would add a third prong to the new strategy. jobs It can reduce carbon emissions in highly polluted industries, including mining and transportation.
Fortescue said it plans to use the new system to modify 3 km long freight trains, heavy industry equipment, and haul trucks to reduce emissions at mining sites.
According to Fortescue, the first major project is the concept of an electric “infinite train”, which is expected to be an important development of the green industrial transport sector.
Williams, one of the most famous names in car racing, was sold to a U.S. fund in 2020. Drillton Capital is € 152 million The team was considered to have admitted that it could no longer compete with more well-funded rivals such as Red Bull, Ferrari and Mercedes-Benz.
The team was founded by Sir Frank Williams in 1977 and was successful, winning 16 driver and constructor championships in the 20 years to 1997. Before finishing 8th out of 10 teams in the last season.
The Williams Advanced Engineering Division, which employs 250 people, was established to support the development of better engine technology.
The unit also turned its attention to energy savings for non-race companies. Williams worked with Unilever to remove energy usage from the soap manufacturing process. We also adopted the aerodynamic model used for the rear wing of the car to reduce the amount of power required for the refrigerator in the supermarket.
The unit worked with miners such as Anglo American and Fortescue on fuel cell technology. Forrest hopes this acquisition will help fossil fuel companies move to the green.
“There are barriers everywhere when trying to move away from oil, gas and coal,” he said.
He puts the Williams team in Wanteji, the company’s lush Oxfordshire home, and hopes battery engineers will continue to be “closely connected” to the racing side of the business.
“Their challenge on the track is our challenge in the world,” he said. “It’s great to win an F1 race, but we’re all in the race … against climate change.”
Fortescue purchased the Williams F1 battery unit to drive the green energy transition
Source link Fortescue purchased the Williams F1 battery unit to drive the green energy transition
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