Shares of Australian mining giant Fortescue Metals Group (FMG.AX) jumped more than 5% on Thursday after the company reported record iron ore shipments for the fourth quarter, beating analyst expectations with lower costs. However, Fortescue also announced it is scrapping its green hydrogen projects in the U.S. and Australia, signaling a strategic shift. The miner...
BP Exits $54B Pilbara Hydrogen Hub in Strategic Shift Fuel Cells Works Source link...
BP BP. will exit its planned green hydrogen production facility in Australia as part of its refocus on fossil fuels, Bloomberg News reported on Thursday.BP has informed its partners in the Australian Renewable Energy Hub that it plans to leave the project as both operator and equity holder, Bloomberg said, citing a statement from a BP spokesperson.BP did not immediately respond to Reuters' request for a...
BP exits giant Australian green hydrogen and renewables hub Upstream Online Source link...
Clarity on clean hydrogenOur mission is to deliver engaging and independent business journalism and insight to executives and leaders in the global clean hydrogen industry. We focus on delivering the news and analysis that matters, fearlessly looking beyond the hydrogen hype to provide a balanced view of the market, giving readers the knowledge they need to make critical business decisions. Source...
In the effort to reduce climate change and eliminate the abundance of fossil fuels, one particular element has been identified as so promising that it could be the future of clean fuels. That element is hydrogen. Earth has a massive supply of hydrogen. It can be burned in the same way we use oil or gas, but instead of polluting the air, it only emits water. So if there is plenty of it and it's so clean,...
Fortescue is hitting the brakes on two of its early-stage green hydrogen projects—one in Arizona and the other in Gladstone, Australia—as it shifts focus back to its bread and butter: iron ore mining. After taking a hard look at its clean energy efforts, the company’s pulling back, expecting to write down around $150 million (pre-tax) in the process. The reason? The financial returns just aren’t...
Key Takeaways BP is withdrawing from the $36B AREH green hydrogen project, giving up its 63.57% stake and operator role.The exit reflects BP's strategic shift to oil and gas following investor pressure and weak stock returns.BP's move casts uncertainty over AREHs future, with partners needing to rethink project funding. BP plc (BP...
BP Plc will exit its role in a massive green hydrogen production facility planned in Australia as the British oil major refocuses on the fossil fuels that drive its profits. The company told its partners in the Australian Renewable Energy Hub that it plans to leave the project as both operator and equity holder, according to a statement from a BP spokesperson. It’s the latest setback for green...
Kimberly-Clark UK & Ireland, the manufacturer of household brands including Andrex and Kleenex, has become the first major consumer products company in the UK to sign long-term offtaker agreements for green hydrogen, to decarbonize production of products including toilet and facial tissues. The company is partnering with Carlton Power and HYRO – the latter...
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