Fortescue Metals Group’s green investment division has agreed to buy the battery and technology arm of the Williams Formula One racing team for ￡164m.
The Australian mining group said that it would use the battery systems and electrification technology acquired by Fortescue Future Industries to help achieve its target to be carbon neutral by 2030.
Andrew Forrest, the billionaire founder and chair of Fortescue, told the Financial Times that the deal represented the “first merger of heavy industry with hyper advanced electrical technology” and that he had struck the deal after the mining company “scoured the world for battery technology.”
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