Australian miner Fortescue Metals Group Ltd. said it will buy a U.K. battery and electrification technology company for roughly $223 million as it seeks to slash carbon emissions from its mining operations and increase investment in clean energy. Fortescue has been working closely with WAE since early 2021 to design and build a prototype battery system that could power an electric mining haul truck. That will be a critical step in the decarbonization of Fortescue's mining haul fleet, said Fortescue. "The potential global market for WAE is significant and will extend beyond the decarbonization of Fortescue, further demonstrating our commitment to the diversification of Fortescue to a renewable energy and resources company," said Fortescue Chief Executive Elizabeth Gaines. The WAE acquisition will be funded from existing liquidity sources and is expected to be completed by the end of March, Fortescue said.

Source: Wall Street Journal January 23, 2022 23:40 UTC