Fortescue founder and executive chair Andrew Forrest has announced the company will “rapidly” expand its US presence as a direct result of the Inflation Reduction Act (IRA).
The company said the IRA is demonstrating that countries incentivising green energy place an “economic engine” firmly inside their economies, growing employment, careers and the standard of living.
“The IRA makes the United States the most attractive place in the world for green energy and green manufacturing projects,” Forrest said.
“Fortescue is putting the United States at the forefront of our global strategy, with the incentives on offer, a win for both the US and the wider Asia Pacific region.”
Fortescue said it has a suite of clean-energy opportunities planned with benefits stemming from the USA into Asia Pacific, including $US35 million to kickstart a US advanced manufacturing centre in Michigan.
The company said it hopes the centre will have the potential to create 600 American jobs in its first phase.
Fortescue Capital, the company’s new green energy investment accelerator platform, also launched last week, and is designed to open up opportunities across Fortescue’s footprint.
The platform is set to be headquartered in New York, with Robert Tichio as chief executive officer and managing partner.
Fortescue’s Phoenix green hydrogen project is on track to go to a final investment decision this year, potentially moving into operations in 2024.
The company is also moving forward with its Centralia project, boosted by its selection by the US Department of Energy for funding as part of the Pacific Northwest Hydrogen Hub.
“The leadership the USA has shown, specifically matching policy settings to climate risk, will help to accelerate green energy development in the USA and globally,” Forrest said.
“This investment in the next generation of US green energy and manufacturing projects will help decarbonise business and heavy industry, and in turn create a strong economic future and create more American jobs.”