Fortescue builds new clean energy manufacturing facility
Release Date: 2023-11-22 Visit: 50 Source: TIDE SOLAR INC.

Fortescue has announced it will invest nearly A$54 million ($35 million) to launch a major manufacturing facility in the United States that is expected to be a production hub for automotive and heavy industry batteries, hydrogen generators, electric vehicle fast chargers and batteries.

Fortescue said the manufacturing facility is being developed in Michigan as part of the company's plan to rapidly expand its U.S. operations due to direct influence from the Irish Republican Army (IRA).
The IRA aims to increase the development of onshore renewable energy production, electrification and clean energy industries such as green hydrogen, providing subsidies, grants and tax breaks to companies establishing clean energy projects in the United States.
Fortescue’s new manufacturing center is expected to directly benefit from IRA battery module tax credits, providing approximately A$15/kWh. Andrew Forrest, executive chairman and founder of Fortescue, said the IRA has transformed the United States from a laggard in clean energy to a world leader, proving that countries that encourage green energy have an “economic engine” firmly in place. place in its economy.
"The IRA has made the United States the most attractive place in the world for green energy and green manufacturing projects," he said.