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'
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”.
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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.