Metals giant buys Williams Advanced Engineering for £164m
Fortescue is also exploring the use of"green electricity, green hydrogen and green ammonia" as a means of enhancing the sustainability of its global fleet.
WAE CEO Craig Wilson said:"High-performance battery and electrification systems are at the core of what we do at WAE, and this acquisition and investment will enable the company’s further growth to support the delivery of zero-emissions products and services across existing sectors – such as automotive, motorsport and off-highway – and new sectors, too.
"This will benefit all of our stakeholders, along with current and future customers, who are very important to us. "My thanks also to EMK Capital for their support during the past two years that has enabled us to accelerate the successful progress of WAE and development of technologies to help tackle climate change."
WAE says it will continue to"service its existing customers and commercialise new technology opportunities" alongside its work with its new parent company after the acquisition is completed in March.
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