JSW Energy enters into agreement with Australian Fortescue Future Industries

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SME Times News Bureau | 29 Jul, 2021
JSW Future Energy Limited, a 100 per cent subsidiary of JSW Energy Limited has entered into an agreement with Australian Fortescue Future Industries Ltd, a 100 per cent subsidiary of Fortescue Future Industries Ltd (FFI) to collaborate and conduct scoping work on potential projects relating to the production of green hydrogen and utilizing it for green steel making, hydrogen mobility, green ammonia and other mutually agreed industrial applications in India.

The collaboration will enable both parties to explore opportunities to tap into the significant clean energy market opportunity in India and be a front-runner in a future hydrogen economy.

JSW Energy Joint Managing Director & CEO, Prashant Jain said "JSW Energy has laid out a strategic blueprint to become a 20 GW capacity power generating company by 2030 with about 85 per cent of the portfolio comprising green and renewable energy sources. We also aspire to be a green energy future tech company with a proactive approach to adopt innovative technologies like green hydrogen, offshore wind, battery energy storage and be a front-runner in the green energy revolution.

"Green hydrogen is going to be a disruption in the clean energy space and in the near future, we believe it will replace the fossil fuels used for various industrial applications as well as in the transportation and mobility sector. We are excited about the partnership with FFI which has a promising repertoire of work in this area, and I am confident that along with FFI, we will create a new era of green hydrogen applications in India, and fulfill our net zero commitments earlier than our target of 2050."

FFI CEO, Julie Shuttleworth said, "FFI is setting out to become the world's leading energy and green products company, from fully renewable sources.

"The world's transition to a renewable energy future represents a major growth opportunity and there will be many important markets for green hydrogen in the coming decade. Collaborating with JSW Energy provides an exciting opportunity to explore India's renewable energy and green hydrogen market and positively contribute to India's decarbonisation ambitions.

"FFI is actively establishing a portfolio of projects associated with renewable green hydrogen and green industrial products. We look forward to working with JSW Energy on potential projects in India and providing a strong contribution to the world's transition away from fossil fuels."

FFI is the 100 per cent renewable green energy and industry company of Fortescue Metals Group Limited (Fortescue).

FFI is establishing a global portfolio of renewable green hydrogen and green ammonia operations that will position FFI at the forefront of a global renewable hydrogen industry. FFI will leverage Fortescue's world leading track record of innovation and development of large-scale integrated infrastructure assets in order to deliver FFI's vision of green hydrogen becoming the most globally traded seaborne energy commodity in the world, with an initial plan to produce 15 million tonnes per annum of green hydrogen by 2030.