POWER!!!! Fortescue Future Industries, page-2970

Hi @Omzie

With regards to the latest European Commission Innovation Fund, Fortescue has the opportunity once again to apply for the five topics within the decarbonisation/manufacturing segments. These range from large scale decarbonisation projects (€1.7 billion available for projects with CAPEX above €100 million) all the way down to Pilot plants €200 million. As mentioned, the Innovation Fund can cover up to 60% of a project's relevant costs. This is truly extraordinary.

What's encouraging is that Fortescue have already been welcomed into the first round as one of five Norwegian Green Industry Companies with their Holmaneset - Green Ammonia Production project (exact funding details awarded to FFI not yet announced). What can we extrapolate from this round of funding? If you have a read of the article below FFI was one of the five Norway based projects receiving funding. However, Fortescue was not highlighted in the article but all other companies awarded funding were. My estimate comes in at just under €300m?

https://www.reuters.com/world/europe/five-norwegian-green-industry-projects-receive-573-mln-eu-funding-2023-07-14/

What stage are Fortescue at now with their Holmaneset - Green Ammonia Production project? The company is finalising the details of their arrangements with the European Climate, Infrastructure and Environment Executive Agency (CINEA), so hopefully not too far off with news on this front.

https://fortescue.com/news-and-media/news/2023/07/20/fortescue-welcomes-selection-in-3.6-billion-european-commission-clean-technology-fund

Here's what else is interesting. There's Fortescue second proposed Hemnes green energy project in Norway where the company secured renewable power by entering into a long-term Power Purchase Agreement (PPA) with Statkraft. This is another 300 megawatt green hydrogen and green ammonia facility with future additional phases to scale up. As per news release below, I don't think these are going to be the only projects that the company is assessing. We await FID's on both projects. There's no reason why this proposed Hemnes project couldn't qualify for the 2nd round of the European Commission Innovation Fund.

Then there's the latest company's investment into Norwegian Hydrogen, becoming the third largest shareholder. As per news release below, CEO highlighted that it's another step to scale up globally and will help with Fortescue's proposed projects in Norway.

https://reneweconomy.com.au/fortescue-buys-into-norway-green-hydrogen-minnow-to-support-europe-ambitions/

To say these proposed projects are exciting would be an understatement. Fortescue are just scratching the surface. The introduction of Fortescue Capital imv is going to be a game changer.

Tony