FFI Acquires Majority Stake Dutch HyET Group

• FFI of Australia has acquired 60% stake in HyET Group from the Netherlands
• Using HyET's green hydrogen technology, FFI wants to supply 15 million tons of green hydrogen globally by 2030
• Both the companies plan to set up 1 GW thin film solar fab in Australia for which a design study has commenced

Renewable energy financier and operator Fortescue Future Industries (FFI) of Australia has picked up a 60% stake in the Netherlands based green energy technology firm High yield Energy Technologies (HyET) Group. With this acquisition, which also includes HyET Solar, HyET Group will be able to expand its Dutch solar PV factory as FFI provided the majority share of financing for the purpose.

At the same time, the duo have commenced a design study for a Powerfoil factory with 1 GW capacity, to be set up in Australia at an undisclosed location. Powerfoil is HyET Solar's thin film, flexible and lightweight solar film technology, with which FFI CEO Julie Shuttleworth A M said, "…we aim to rapidly drive costs down at a greater rate than is achievable with conventional solar PV technology."

A part of Fortescue Metals Group Ltd. (FMG), FFI is betting on green hydrogen supply, aiming to provide 15 million tons of green hydrogen globally by 2030.

"The addition of HyET Solar and HyET Hydrogen to our portfolio of FFI companies builds on our commitment to develop technologies needed to tackle emissions and global warming," added Shuttleworth. "HyET Hydrogen's technology will support FFI in reducing costs in other areas of the green hydrogen supply chain."

FFI has been on a spree to find partners around the world to explore green hydrogen projects in a bid to establish a global portfolio of renewable green hydrogen and green ammonia operations. In August 2021, it signed a collaboration agreement with Murihiku Hapu of Ngāi Tahu to assess the potential development of a large scale, renewable green hydrogen production project in Southland, New Zealand that can be expanded in the future.

Led by billionaire Andrew Forrest, FFI is also under a framework agreement with India's JSW Future Energy Limited to explore green hydrogen projects in India that can be supplied for green steel making, hydrogen mobility, green ammonia, and other industrial applications.

In Brazil, FFI has joined hands with the State of Ceara to explore the feasibility of a renewable green hydrogen plant.