Fortescue, the Australian mining company, has announced plans to transform a facility in Detroit into a manufacturing and engineering workspace. This venture is part of Fortescue’s strategic diversification from iron ore into the clean-energy sector, specifically the production of automotive and heavy-industry batteries and fast chargers.
To support this project, the Michigan Strategic Fund has approved several incentives. These include a $9 million state development program performance-based grant, a 15-year, 100% state essential services assessment exemption valued at approximately $1.3 million, and a state tax capture valued at almost $2.4 million for reimbursement of redevelopment work at the site.
Fortescue aims to commence production at the Detroit facility in 2025, anticipating the creation of up to 600 jobs as production scales up by 2030. The site, originally constructed in 1920 as Fisher Body 23, boasts 410,000 square feet of space across six floors and covers 14 acres.
In recent times, Fortescue has shown a commitment to green initiatives. They have approved a $550 million green hydrogen project in Arizona as part of a three-year investment. Moreover, the company secured nearly EUR204 million ($221.8 million) in funding from the European Union for a green ammonia project in Norway.
Mark Hutchinson, chief executive of Fortescue Energy, expressed the company’s dedication to investing in future green manufacturing projects, aiming to contribute to decarbonizing businesses and heavy industries.
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