FMG forms Fortescue Capital
Fortescue Metals (ASX:FMG) has formed Fortescue Capital — headquartered in New York — and named Robert Tichio as chief executive and managing partner.
An integral part of Fortescue’s commitment to deliver green energy projects and decarbonisation investments, Fortescue Capital is a new green energy investment accelerator platform tasked with delivering greater returns for shareholders.
Fortescue Energy chief executive Mark Hutchinson commented on Fortescue Capital.
“Fortescue is taking is global pipeline of green hydrogen and green ammonia projects to final investment decision, and in doing so has communicated our intention and desire to bring additional equity investor onboard,” he said.
“Further, Fortescue has previously communicated its planned investment to decarbonise its Pilbara operations, and we see Fortescue Capital as an essential tool of engagement as we embark on both emissions.”
Prior to joining Fortescue, Mr Tichio spent 17 years at New York-based private equity firm Riverstone Holdings.
Mr Tichio will be joined by a senior leadership team comprising of Nathan Craig, Rael McNally and Jennifer Zarrilli with each serving as managing directors.
Mr Tichio says he is thrilled to be joining Fortescue in this new role.
“Fortescue has demonstrated unmatched leadership in calling for capital formation to support large scale, industrial solutions that can provide durable and high-impact decarbonisation pathways for difficult-to-decarbonise emitting categories,” he said.
Advanced Manufacturing Centre
Fortescue has also advised it will be expanding its global manufacturing capabilities, investing $54.13m (US$35m) to kickstart a US advanced manufacturing centre in Michigan.
This facility has the potential to create up to 600 jobs and it’s expected to become a major hub in Fortescue’s production of automotive and heavy industry batteries, hydrogen generators, fast chargers and electrolysers.
Fortescue executive chairman Andrew Forrest says the centre will help the automotive industry.
“Fortescue’s advanced manufacturing centre will breathe fresh life into the birthplace of the automotive industry,” he said.
“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.”