AUSTRALIAN BUYS WILLIAMS
FORTESCUE METALS iron ore magnate and philanthropist Andrew ‘Twiggy’ Forrest has bought Williams Advanced Engineering (WAE) for $309 million.
An offshoot to the Williams F1 operation WAE will retain its name and integrate into Fortescue’s diversified resources and green energy business Fortescue Future Funds (FFI), established in 2018.
Founded by Sir Frank Williams in 2010 and based adjacent to the Formula One team that bears his name, WAE employs 400 staff and one of its recent high profile projects was developing the Jaguar C-X75 hybrid car (above) featured in the James Bond film Spectre.
It’s also the exclusive supplier of batteries to Formula E electric racing series as well as Extreme E, an off-road racing series won in 2021 by Australian Molly Taylor.
Announcing the purchase from Williams and majority shareholder EMK Capital, Fortescue Metals Group Chairman Andrew Forrest said, “This is the race of our lifetimes - the race to save the planet from cooking. The speed at which we move matters.
“Together FFI and WAE will work to decarbonise Fortescue – with the aim of achieving that faster and more effectively than anyone else in the world.
“This announcement is the key to unlocking the formula for removing fossil fuel powered machinery and replacing it with zero carbon emission technology, powered by Fortescue Future green electricity, green hydrogen and green ammonia,” Forrest said.
Looking beyond Fortescue’s needs Forrest said, “This acquisition brings together leading thinkers and engineers into one organisation to drive progress and combat climate change, enabling Fortescue to become a major player in the growing global market for green industrial transport equipment.”
Currently half of Fortescue Metals carbon emissions come from close to half a million litres of diesel it consumes annually powering its mining fleet and Forrest has pledged to slash those emissions to zero by the end of this decade. To achieve that Fortescue and WAE began working together in March 2021 developing a fast charging, lightweight battery systems capable of powering 400 tonne mining trucks, a vital first step in the decarbonisation of Fortescue’s mining haul fleet.
Last year Forrest acquired the RM Williams brand, returning it to Australian ownership.