FFI buys US Phoenix Hydrogen Hub project

Acquisition marks Australian developer’s first major move into US hydrogen sector as it hails the impact of IRA

Australian green hydrogen developer Fortescue Future Industries (FFI) has made its first significant move into the US market by buying the Phoenix Hydrogen Hub project in Buckeye, Arizona from fuel-cell truck manufacturer Nikola for $24mn. “FFI is actively expanding its US presence and strengthening its position as a leading global developer of green energy production and technology,” said FFI CEO Mark Hutchinson. “The US is now one of the best places in the world to do this, with the Inflation Reduction Act [IRA] making it an ideal place to invest in green energy.” Phase one of the project, which is in the final stages of the permitting process, is planned to consist of an 80MW electrolyser