FMG Acquires UK-Based Williams Advanced Engineering

Fortescue Metals Group Ltd has entered into a share sale and purchase agreement to acquire 100 per cent of Williams Advanced Engineering Limited from private equity firm EMK Capital and Williams Grand Prix Engineering Limited for GBP 164 million. The transaction is expected to conclude by the end of March 2022, subject to the satisfaction of customary conditions precedent including United Kingdom foreign investment approval.WAE will be vertically integrated into Fortescue’s diversified resources and green energy business and will be managed via Fortescue Future Industries, Fortescue’s green energy and green technology division. Fortescue has worked closely with WAE since early 2021 to design and build a prototype battery system to power an electric mining haul truck, an important first step in the decarbonisation of Fortescue's mining haul fleet.The acquisition of WAE provides critical technology and expertise in high-performance battery systems and electrification and will enable Fortescue to accelerate and support the decarbonisation of Fortescue’s mining operations as well as establishing an important new business growth opportunity. Together, Fortescue and WAE will develop battery electric solutions for Fortescue’s rail, mobile haul fleet and other heavy mining equipment, to accelerate the rapid abatement of diesel usage to achieve the decarbonisation of Fortescue’s mining operations by 2030. In addition, Fortescue and WAE will work together to grow WAE’s world-leading green technology and engineering business.One of the first major projects to be developed will be a world leading battery electric train concept. Fortescue and FFI will announce further details on this early in 2022.

FMG Acquires UK-Based Williams Advanced Engineering

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