Fortescue Snaps Up Williams F1 Offshoot
Williams Advanced Engineering (WAE), a Williams F1 motor-racing team offshoot, has been acquired by Australian iron ore producer Fortescue Metals Group (FMG) for £164m.
Following the takeover, WAE, a technology and engineering business renowned for its projects in high-performance battery systems and electrification, will work with FMG subsidiary Fortescue Future Industries to expand the company’s green industrial transport equipment credentials.
Fortescue said that its target is for WAE’s battery technology to help the company to realise its goal of achieving net-zero emissions by 2030 by revolutionising its 3km-long freight trains, 400-tonne haul trucks and industrial heavy mobile equipment.
Fortescue Founder and Chairman, Dr Andrew Forrest AO, said, “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 is an historic moment in the future of our company as we welcome the WAE family into the Fortescue family to work together to de carbonise heavy industry and hard to abate sectors for the good of our planet, and the benefit of our shareholders.
“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 FFI green electricity, green hydrogen and green ammonia.”
Forrest, who is thought to be Australia’s richest man, has a track record of investing in renewable energy projects.
Former Deputy Team Principal of the Williams F1 Racing Team, Claire Williams OBE, added, “Since the team sold a majority shareholding in WAE to EMK Capital a couple of years ago, EMK and the Management Team have done a fantastic job in taking the business forward.
“We are delighted that Fortescue are now taking over that mantle and see the value in the company and its people in tackling some of the biggest issues facing our world today.”
Fortescue has been working with WAE since early last year, with the latter having designed and built a battery system to power an electric mining haul truck.
Craig Wilson, Chief Executive Officer of WAE, added, “High-performance battery and electrification systems are at the core of what we do at WAE, and this acquisition and investment will enable the company’s further growth to support the delivery of zero emission products and services across existing sectors – such as automotive, motorsport and off-highway – and new sectors too.”
Image credit: Lukas Raich – CC BY-SA 4.0: Edited for size
