A major Australian energy and mining company has scrapped two massive green hydrogen projects.
Andrew “ Twiggy ” Forrest’s Fortescue on Thursday informed shareholders the company was ditching its Arizona Hydrogen Project in the United States and its PEM50 Project in Queensland’s Gladstone “following a detailed review”.The projects’ failure will blow about a US$150m hole in the energy and mining giant’s financial results.
“The lack of certainty and a step back in green ambition has stopped the emerging green energy markets, making it hard for previously feasible projects to proceed. The recent shift away from green hydrogen comes as a blow to Labor’s net-zero plans, which include a Hydrogen Production Tax Incentive as part of its Future Made in Australia Act.
The plant, which has received about $60m in federal and Queensland government support, was opened 12 months ago before Fortescue mothballed the operation around the time of the job cuts.
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