Fortescue forms joint venture in Morocco to produce green hydrogen, ammonia and fertiliser

The partnership with state-owned OCP is said to be a 'key step towards... ensuring global food security'

OCP CEO Mostafa Terrab shakes hands with Fortescue founder and executive chairman Andrew Forrest after signing the joint-venture agreement.
OCP CEO Mostafa Terrab shakes hands with Fortescue founder and executive chairman Andrew Forrest after signing the joint-venture agreement.Photo: Fortescue

Green hydrogen developer and electrolyser maker Fortescue — led by iron-ore billionaire Andrew Forrest — has announced a “landmark” 50-50 joint venture (JV) with Moroccan state-owned fertiliser company OCP Group to supply green hydrogen, ammonia and ammonia-based fertilisers to “Morocco, Europe and international markets”.

Stay ahead on hydrogen with our free newsletter

Keep up with the latest developments in the international hydrogen industry with the free Accelerate Hydrogen newsletter. Sign up now for an unbiased, clear-sighted view of the fast-growing hydrogen sector.
Sign up now
The renewable H2 and green ammonia would be available for “green energy and in the manufacture of carbon-neutral and customised fertilisers that are accessible and affordable for farmers around the world”.

In particular, the two partners have proposed four “cornerstone” projects in the North African state:

  • Large-scale green ammonia and green fertiliser production capacity that includes renewable-energy generation and electrolysis;
  • Manufacturing of green technology and equipment;
  • An R&D and technology hub “alongside” the Mohammed VI Polytechnic University near Marrakesh “to bolster the JV, the ecosystem and other players, with research in renewable energy, green hydrogen and minerals processing;
  • Collaboration on corporate venture capital funds “to drive investment in key technology advancements”.

“Together, Fortescue and OCP will build a world-leading and globally competitive platform to accompany Morocco’s journey into a green energy production, manufacturing and industrial powerhouse,” said Forrest.

“Morocco will be a major player in the global energy transition given it is home to some of the world’s most prospective wind and solar resources, two large coastlines and is in close proximity to Europe and the Americas.”

Fortescue Energy CEO Mark Hutchison added: “We intend to create in Morocco one of the world’s leading integrated renewable energy, manufacturing and technology enterprises.”

OCP is one of the world’s largest producers of phosphate, fertiliser and chemicals in the world, with a net income of $1.6bn in 2022, and is 94% owned by the kingdom of Morocco.

OCP CEO Mostafa Terrab described the “strategic partnership” with Fortescue as a “key step towards fulfilling our vision of simultaneously ensuring global food security and combating climate change”.

Western Australia-based Fortescue is one of the world’s largest iron-ore producers in the world, and is led by its founder and executive chairman Andrew “Twiggy” Forrest, who is said to be Australia’s wealthiest man, with a net worth of about $22bn.

In recent years, he has become an advocate for green hydrogen and positioned Fortescue as a global force in renewable H2 production, although his company is yet to produce any.
However, it has taken a final investment decision on its first two green H2 projects — a 50MW electrolysis plant in Gladstone, Australia, next to the 2GW electrolyser factory it officially opened earlier today, and the Phoenix Hydrogen Hub in Arizona, for which it has procured 80MW of alkaline electrolysers from an unnamed supplier.
(Copyright)
Published 8 April 2024, 17:30Updated 8 April 2024, 17:31