Fortescue Acquires Williams Advanced Engineering for £164 Million

Acquisition Overview

Williams Advanced Engineering, founded by the Williams F1 Team, will be acquired by Australian mining company Fortescue for £164 million.

Decarbonization Goals

Fortescue aims to decarbonize its operations and fleet, intending to utilize WAE’s battery technology and technical expertise to significantly reduce its carbon footprint. The Perth-based company has completed the acquisition from private-equity firm EMK Capital and Williams Grand Prix Engineering Ltd. Following this acquisition, WAE will be managed by Fortescue Future Industries, which is Fortescue’s green arm.

Currently, Fortescue's fleet consumes approximately 400-450 million litres of diesel per year. With the integration of WAE, Fortescue is targeting its ambitious goal of achieving net-zero emissions by 2030.

Infinity Train Initiative

In conjunction with the acquisition, Williams Advanced Engineering and Fortescue announced the world's first zero-emission “Infinity Train”. This innovative train will utilize gravitational energy to recharge its battery electric systems, eliminating the need for additional charging during the return trip.

Statements from Leadership

Dr. Andrew Forrest AO, Founder and Chairman of Fortescue, stated, “The Infinity Train will not only accelerate Fortescue’s race to reach net zero emissions by 2030, but also lower our operating costs, create maintenance efficiencies, and open up productivity opportunities.”

Craig Wilson, Chief Executive Officer of WAE, remarked, “High performance battery and electrification systems are at the core of what we do. Now that we are part of the Fortescue family, this presents an exciting opportunity to develop new technologies as we work together to tackle climate change.”