Fortescue plans USD-6bn green hydrogen project at Brazil's Pecem port

Brazil’s Ceara state government signed on Wednesday a memorandum of understanding (MoU) with Australia's Fortescue Future Industries Pty Ltd (FFI) to build another large green hydrogen plant within the Pecem industrial and port complex.

The subsidiary of iron ore producer Fortescue Metals Group Ltd (ASX:FMG) will invest USD 6 billion (EUR 5bn) to build the facility. The goal is to produce 15 million tonnes of green hydrogen by 2030, the local government said.

Thanks to the MoU, Fortescue will be able to partner up with local universities to conduct studies aimed at promoting hydrogen-related technologies, with a view to training local staff.

This is the fourth pact signed by Ceara regarding the development of green hydrogen projects within the Pecem complex. Earlier this week, the government announced a USD-6.95-billion MoU with Qair Brasil in relation to the development of a massive green hydrogen project and the offshore wind park that will feed it.

(USD 1.0 = EUR 0.85)

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