Fortescue Metals to invest in green hydrogen project in Argentina

Fortescue Metals to invest in green hydrogen project in Argentina

02 Nov 2021

The Argentine government revealed that the company Fortescue Metals Group plans to invest US$8.4bn to produce green hydrogen on an industrial scale in the country. The announcement was made during the COP26 World Summit in Glasgow, Scotland, after company officials had a meeting with the Argentine President Alberto Fernandez.

According to reports, Fortescue Metals has already begun prospecting work in the province of Río Negro. Its investment is estimated to create over 15,000 direct jobs and between 40,000 - 50,000 indirect jobs. The company's prospecting is reported to be based on assessing both the quantity and quality of winds in the region, which will be the major energy source for production.

The green hydrogen project will be developed in three phases. According to the government, US$1.2bn will be invested in a pilot project to confirm planned production capacity. It will produce approximately 35,000 tonnes of green hydrogen, which is enough energy to power 250,000 houses.

The pilot stage will begin next year and run until 2024. It will be followed by the first producing stage, which is expected to cost US$7.6bn. In the first stage of production, the company’s intends to produce nearly 215,000 tonnes of green hydrogen, which is equivalent to the energy capacity to meet the electricity needs of 1.6m households.

The Argentine government stated that by the end of this decade, Río Negro will be turned into a global green hydrogen export hub.

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