Andrew Forrest says he has “been told by the Australian markets, that I’m lost and lonely” but he is still on track for huge government funding for hydrogen.
| Fortescue billionaire Andrew Forrest’s US hydrogen project is on track to receive up to $US150 million in government subsidies after the collective it belongs to went through to a final round of funding negotiations with the Biden administration at the weekend.across America would receive $US7 billion out of Congress’s Bipartisan Infrastructure Law funding, separate from the Inflation Reduction Act.
The proposed facility will produce green hydrogen - derived from water electrolysis using renewable electricity - for use locally in the Pacific North-West in heavy-duty transportation and industrial processes.The possible funding win came as welcome news for Dr Forrest, who admitted in an interview at the weekend that his ambition around hydrogen was one of the “hardest sells” in his career.
“If I compare this back to 2003, 2004, that was a pretty tough. I mean we had a lot of cynicism then. There was one major steel company who basically made us talk to the cleaner because there was no one else who was going to meet with us. They were some pretty humiliating tough times,” he said.who has accused Fortescue of signing “fake contracts” with European energy companies for hydrogen that might not be delivered.
Adopting a similar hydrogen hub model to the US, Dr Forrest said, would depend on “the fundamental differences in the economics and the demand and supply of energy and the demand for green energy in any particular country.”
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