Fortescue has been awarded a $10 million government grant to develop a fast charger for heavy mining equipment.
The charger would be the most powerful in the world at six megawatts, and is being developed by Fortescue’s green technology division Fortescue Zero.
“These innovative chargers are designed to be a safe, rugged, high power and scalable fast charging solution for multiple different vehicle applications,” said Ellie Coates, CEO of Fortescue Zero.
The funding was provided by the Australian Renewable Energy Agency, the government’s agency to promote renewable energy.
It is the first grant awarded as part of the government’s $400 million Industrial Transformation Stream, part of its Powering the Regions Fund.
“Heavy haulage trucks are integral to the function of Western Australia’s mining operations but at present are reliant on fossil fuels, which means unwanted pollution, cost volatility, and energy insecurity,” said Assistant Minister for Climate Change and Energy Josh Wilson.
“Fortescue’s fast charger development is a smart and forward-looking project that will help Western Australia’s mining sector electrify their operations and contribute to the critical task of decarbonising our economy as we move towards net zero by 2050,” he said.
The charger will be able to charge 240-tonne battery-electric trucks within 30 minutes. It will be compatible with all heavy industry equipment that meets the global connector standard.
Fortescue’s charger is now being tested, and will be ready in late 2025.
Fortescue’s (ASX: FMG) share price closed at $19.43 yesterday, up from the previous day’s $19.09. Its market cap is $3.08 billion.