Australia's Fortescue to launch battery manufacturing center in the US
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(Kitco News) - Australian iron ore miner Fortescue (ASX: FMG) yesterday announced it is expanding its global manufacturing capabilities, investing US$35 million to kickstart a US Advanced Manufacturing Center in Michigan, USA.
According to Fortescue, the facility has the potential to create up to 600 jobs in its first phase and is expected to become a major hub for the company’s production of automotive and heavy industry batteries, hydrogen generators, fast chargers, and electrolysers.
Fortescue Executive Chairman and Founder, Dr Andrew Forrest, said, “Fortescue’s Advanced Manufacturing Center will breathe fresh life into the birthplace of the automotive industry.
“We are committed to investing in the next generation of green manufacturing projects that will help decarbonise business and heavy industry, and in turn create a strong future for manufacturing jobs in the United States.”
Fortescue said that its new manufacturing center is anticipated to directly benefit from Inflation Reduction Act tax credits for Battery Modules, up to US$10 per kWh.
Fortescue Energy CEO, Mark Hutchinson, said, “Michigan and the United States are extremely attractive places to manufacture, given the skilled workforce, existing supply chain and significant incentives from state and federal governments, including the Inflation Reduction Act.”
Fortescue is one of the world’s largest and lowest cost iron ore producers. With world-class infrastructure and mining assets in the Pilbara, Western Australia, the company has shipped more than two billion tonnes since it commenced operations. The company also invests in green metals, green energy and green technologies.