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AUSSIE ACQUIRES WILLIAMS ENGINEERING BUSINESS

Aussie acquires Williams Engineering business - Image: Motorsport Images

By Timothy Neal

Big name Australian businessman Andrew ‘Twiggy’ Forrest’s iron ore company Fortescue Metals Group (FMG) is set to acquire Williams Advanced Engineering (WAE), an offshoot of the Williams Formula 1 team.

WAE is significantly involved in motorsport; the technology and engineering business currently provides batteries for the Extreme E and ETCR global electric racing series and is set to take on that role for Formula E’s Gen3 cars.

The deal between FMG and WAE is worth approximately $309 million.

FMG, founded and chaired by Forrest, will utilise the resources of WAE to further its development of green industrial transport equipment to reach net zero carbon emissions.

“This acquisition brings together leading thinkers and engineers into one organisation to drive progress and combat climate change,” a WAE statement read.

“WAE will bring its race-bred critical battery technology to FFI (Fortescue Future Industries, an FMG-owned global green energy and product company), which will in turn enable Fortescue, one of the largest iron ore producers in the world and a heavy carbon emitter, to realise its industry leading 2030 net-zero target.”

Forrest expressed that decarbonisation was an urgent issue and that the deal was a significant step towards achieving this goal for Fortescue.

“This is the race of our lifetimes – the race to save the planet from cooking,” Forrest said.

“The speed at which we move matters. Together FFI and WAE will work to decarbonise Fortescue – with the aim of achieving that faster and more effectively than anyone else in the world”.

“This announcement is the key to unlocking the formula for removing fossil fuel-powered machinery and replacing it with zero carbon emission technology, powered by FFI green electricity, green hydrogen and green ammonia.

“For decades, Sir Frank Williams’ F1 racing business was at the forefront of innovation in engineering and I thank him for his pioneering vision in founding WAE over a decade ago.

“I was sorry to hear of his passing last year and I pay tribute to him. I have huge respect for him, his family and the Williams’ business.”

Forrest joins WAE CEO Craig Wilson as an Aussie involved in the business.

Wilson, whose past roles include managing director of the Holden Racing Team, welcomed the deal.

“High performance battery and electrification systems are at the core of what we do at WAE, and this acquisition and investment will enable the company’s further growth to support the delivery of zero-emission products and services across existing sectors – such as automotive, motorsport and off-highway – and new sectors too,” Wilson said.

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