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Fortescue Targets Battery-Tech Fast Lane With Williams Buy

  • Miner to pay $223 million for Williams Advanced Engineering
  • Iron ore exporter targeting major expansion into clean energy
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WATCH: Elizabeth Gaines, chief executive officer at Fortescue Metals Group Ltd., discusses the company’s clean energy ambitions and the agreement to buy Williams Advanced Engineering Ltd. Source: Bloomberg
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Fortescue Metals Group Ltd. has agreed to buy Williams Advanced Engineering Ltd., which was founded by the Williams Formula 1 racing team, for $223 million to gain access to battery technology that it will use in mining haulage trucks. 

WAE, which will be integrated into the Fortescue Future Industries clean energy unit, has been working with the Perth-based miner since early 2021 on a battery prototype to power an electric haul truck, and is also developing an electric train project.