Fortescue Metals buys Williams F1 battery and tech arm for £164m

Fortescue Metals buys Williams F1 battery arm and technology arm of the Williams Formula One racing team  for £164m ($222.2m).

Andrew Forrest Australia’s richest man, Fortescue’s founder and chairman, who is worth more than £13.3bn ($128bn) is buying the battery said “ This announcement is the key to unlocking the formula for removing fossil-fuel powered machinery and replacing it with zero carbon emission technology”.

Under the deal the Oxfordshire-based Williams Advanced Engineering (WAE) will be integrated into the Fortescue’s clean energy unit.

The Perth-based miner said it plans to use WAE’s battery technology to power its freight trains, heavy industrial equipment and haulage trucks. Fortescue has been developing a prototype battery for heavy industrial use since early last year.

Over the next decade, Mr Forrest aims to transform the world’s fourth-biggest iron ore producer into one of the world’s leading clean energy producers.

WAE, call itself “ a world-leading technology and engineering business”, was set up in 2010 by Williams grand prix team to develop low carbon technology for vehicles. Private equity firm EMK Capital bought a majority stake in the business just over two years ago,

Last week, a firm planning mass production of electric car batteries in the UK secured government funding for its proposed factory in Northumberland. Britishvolt announced plans or the so-called Gigafactory in Cambois two years ago, saying it would create 3, 000 jobs. The government has committed  about £100m through its Automative Transformation Fund. Britishvolt also announced backing from investors Tritaxm and Abrdn, that should unlock about £1.7bn in private funding.