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Key points
- Fortescue Future Industries (FFI) has hired a new chief technology offer
- He will be in charge of overseeing technology acquisition and investment, and the provision of key technologies to FFI
- FFI continues to build a portfolio of green tech and green energy projects
The Fortescue Metals Group Limited (ASX: FMG) share price is in focus after the green division of the business, Fortescue Future Industries (FFI), hired a new chief technology officer.
For readers that don't know, FFI wants to help develop technological solutions that help reduce emissions in hard-to-decarbonise sectors. Fortescue Future Industries is also aiming to build a global portfolio of renewable green hydrogen and green ammonia projects with a target to supply 15 million tonnes per year of green hydrogen by 2030.
Green hydrogen is hydrogen that is produced from water by using renewable energy, making it a clean source of energy.
Fortescue Future Industries' new chief technology officer
FFI has hired Stan Knez to be the new technology officer. He reportedly has 30 years of industry experience in global technology portfolios and alliance technology partnerships.
Mr Knez's most recent role was being the chief technology officer at Technip Energies, a business involved in the energy tranisiton to help lower carbon emissions. His job was to manage the technology portfolio, led the innovation and R&D development programs, as well as overseeing product lines.
FFI believes that Mr Knez has proven leadership skills and a strong track record in identifying early phase energy transition technologies for potential strategic positioning or investment.
His role for Fortescue Future Industries will be to oversee technology acquisition and investment, and the provision of key technologies to FFI. Mr Knez will commence work on 1 February 2022 and will be based in the US.
Why does FFI need a technology officer?
Fortescue Future Industries points out that it has a growing portfolio of technology assets. For example, last week it announced it was going to buy high-performance battery business Williams Advanced Engineering, which will be managed by FFI.
It has also made investments into a number of technology companies including Xergy (which is now called FFI Ionix), HyET Solar and HyET Hydrogen. FFI is also building a multi-gigawatt electrolyser factory in Queensland, along with Plug Power. The construction of this is due to start next month.
Comments from Fortescue Future Industries management
The FFI Chief Executive Officer Julie Shuttleworth said:
Innovation and world-leading technology are key to tackling global warming. FFI's Chief Technology Officer will be a key contributor to FFI cementing itself as a technology leader.
FFI's focus on technology will give us the edge in the race to decarbonise the planet and enhance our position to decarbonise heavy industry.
Fortescue Metals share price snapshot
Despite all of the volatility that has occurred since the start of 2021, Fortescue shares have now only dropped around 18% over the past six months. This is due to the Fortescue share price surging almost 40% over the past three months.
