Fortescue Metals Group (ASX:FMG) said it is buying an engineering and battery company that was founded by the Williams Formula One team for £164mln.
Backed by billionaire Andrew Forrest, the world’s fourth largest iron core mining company said it has been working with Williams Advanced Engineering Ltd since early 2021 to build a prototype battery to power an electric haul truck.
It has now decided to buy the company outright as part of wider plans to decarbonise its fleet and equipment by 2030.
Fortescue said it will work with Williams Advanced Engineering to create solutions that eliminate the use of diesel in its rail and mobile fleet, as well decarbonising heavy equipment operations.
The acquisition is the latest in a string of moves by the mining industry to transition towards battery powered fleets, with rivals Rio Tinto four buying battery powered trains and BHP Group also ordering electric locomotives.
Shares in ASX listed Fortescue were down 2.01% to AU$20.52 in afternoon trading.