Fortescue Metals Group announced it will acquire Williams Advanced Engineering, the company that was founded by the F1 team. The Australians will pay ca. $222.2 million for the engineering and battery company in a push to decarbonize its fleet.
Williams Advanced Engineering was already working with the Australian iron ore mining company since early 2021. At the time, the Formula 1 team's sister company was tasked with developing a prototype battery for an electric haul truck and was also commissioned to develop an "electric train project."
Fortescue wants to eliminate or drastically reduce the use of diesel-engined equipment and vehicles in its operations by 2030. This goal requires the development of electric trains, haul trucks, and even electric-powered heavy mining equipment.
The Perth-based company's clean energy unit, Fortesque Future Industries, will manage Williams Advanced Engineering once the purchase is complete.
It is important to note that Fortesque is the world's fourth-largest iron ore producer, which also makes it a heavy emitter of carbon emissions. According to the Australian company, the heavy industrial sector is responsible for more than 20 percent of global carbon emissions. In other words, it would be great news if they and their rivals go forward with ideas like these.
Before this purchase, Williams Advanced Engineering was owned by Williams Grand Prix Engineering along with EMK Capital, a private equity firm. The transaction is set to be completed by the end of March 2022, and it is funded by existing liquidity.
Williams Advanced Engineering was founded by the late Sir Frank Williams as an offshoot from the Formula 1 team that he started. Its goal was to develop groundbreaking technologies, from electric drivetrain solutions to more distinct applications.
The Williams F1 Team used to own a majority stake in the WAE, but the Brits decided on selling that majority pack to EMK Capital. Fortunately, the company's mission was not interrupted in any way by its new majority owners, and it seems that things will continue to follow the same path.
Fortescue wants to eliminate or drastically reduce the use of diesel-engined equipment and vehicles in its operations by 2030. This goal requires the development of electric trains, haul trucks, and even electric-powered heavy mining equipment.
The Perth-based company's clean energy unit, Fortesque Future Industries, will manage Williams Advanced Engineering once the purchase is complete.
It is important to note that Fortesque is the world's fourth-largest iron ore producer, which also makes it a heavy emitter of carbon emissions. According to the Australian company, the heavy industrial sector is responsible for more than 20 percent of global carbon emissions. In other words, it would be great news if they and their rivals go forward with ideas like these.
Before this purchase, Williams Advanced Engineering was owned by Williams Grand Prix Engineering along with EMK Capital, a private equity firm. The transaction is set to be completed by the end of March 2022, and it is funded by existing liquidity.
Williams Advanced Engineering was founded by the late Sir Frank Williams as an offshoot from the Formula 1 team that he started. Its goal was to develop groundbreaking technologies, from electric drivetrain solutions to more distinct applications.
The Williams F1 Team used to own a majority stake in the WAE, but the Brits decided on selling that majority pack to EMK Capital. Fortunately, the company's mission was not interrupted in any way by its new majority owners, and it seems that things will continue to follow the same path.