Williams Advanced Engineering acquired by Fortescue Metals Group

Australian iron ore mining company Fortescue Metals Group (FMG) has acquired Williams Advanced Engineering (WAE), a subsidiary of the Williams Formula One team.

The Andrew 'Twiggy' Forrest-founded FMG will partner with WAE through its Fortescue Future Industries (FFI) division, having first teamed up last year to develop a prototype battery system for Fortescue's mining vehicles – helping the Western Australian business to reach its target of net zero carbon emissions by 2030.

As a part of the $310 million deal and its ultimate goal to becoming a leader in green energy, WAE and FFI will first focus on electrifying Fortescue's transport operations, from its three-kilometre long freight trains to the 400 tonne haul trucks and other heavy equipment used in the mines.

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Forrest said the acquisition of WAE was important, not only for his own interests but for those of the world, describing climate change as a race against time.

“This is the race of our lifetimes – the race to save the planet from cooking," said Forrest.

"The speed at which we move matters. Together FFI and WAE will work to decarbonise Fortescue – with the aim of achieving that faster and more effectively than anyone else in the world.

“This is an historic moment in the future of our company as we welcome WAE into the Fortescue family to work together to decarbonise heavy industry and work hard to abate sectors for the good of our planet, and the benefit of our shareholders.

“This announcement is the key to unlocking the formula for removing fossil-fuel powered machinery and replacing it with zero carbon emission technology, propelled by FFI green electricity, green hydrogen and green ammonia."

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Williams Racing, the motorsport division of the Williams group, announced its commitment to be climate positive by 2030 in October last year, becoming the first mainstream motorsport team to do so.

WAE CEO Craig Wilson said the partnership with FFI is crucial for the industry as it looks to clean up.

“We are delighted to play a key role in Fortescue’s decarbonisation strategy, contributing to the delivery of their emissions reduction targets through high performance battery systems, green hydrogen and related technologies", said Wilson.

"We will also be focusing on addressing the sector-wide challenges in the off-highway sector. Both companies have a shared culture of innovation, setting and achieving challenging objectives and a genuine commitment to creating a sustainable future.”

WAE is currently the control supplier of the batteries used in Formula E, the world's top open-wheel, fully-electric racing series.