Australian green hydrogen pioneer Fortescue — led by self-made billionaire Andrew Forrest — has said it is adjusting timelines of its renewable H2 projects and reducing spending in its green energy division by 20% in the wake of market uncertainties in the US, Europe and Australia.
The development timelines for its under-construction 80MW Phoenix Hydrogen Hub project in Arizona and 50MW PEM50 project in Queensland, Australia, “are being reconsidered”, the company stated in the presentation of its financial results for the second half of 2024.
“Fortescue Energy remains committed to producing green electrons and green molecules at scale. It is continuing to progress and refine its green energy project pipeline in a disciplined manner, with timelines adjusted to reflect global market conditions and policy settings,” the statement explained.
