POWER!!!! Fortescue Future Industries, page-3020

Remember the outrageous PE companies like afteroay traded at. Actually that’s not entirely true as you need to make a profit to be trading with a PE! FMG despite having its tentacles in so many high growth areas that are receiving govt backing everywhere and likely to have much less regulatory risk than Afterpay, are still trading at PEs reserved for non growth companies.

https://www.detroitnews.com/story/business/autos/2023/12/13/ev-battery-systems-plant-planned-for-detroits-milwaukee-junction-area/71910952007/

EV battery systems plant planned for Detroit's Milwaukee Junction neighborhood
Candice Williams
The Detroit News

A new electric-vehicle battery systems plant is planned for the city’s Milwaukee Junction neighborhood.

The Detroit Brownfield Redevelopment Authority board approved Wednesday the transfer of a previously approved brownfield plan to USA Fortescue Piquette LLC, an American affiliate of Australia-based iron ore producer Fortescue Metals Group Ltd.

Pre-development activities are expected to begin in early 2024, according to documents. The developer requested $11.8 million in tax increment financing reimbursement.

“Our intent for this facility is to create zero-emissions power systems and becoming a tier one supplier to multiple industries,” said Melanie Melendez, head of global manufacturing for Fortescue. “So we are looking to evolve that and create close to 600 jobs by 2030 with an investment in the facility.”