FFI buys hydrogen tech startup

Fortescue Future Industries has acquired the commercial assets of US-based start up Xergy for an undisclosed amount to form a new hydrogen technology development entity.

The new venture, christened FFI Ionix, comprises Fortescue Metals Group’s renewables spin-off FFI and assets under the Xergy Inc and Xergy One factions.

A statement from FFI says the new venture will operate as a technology development company focused on global technology leadership and commercialisation of hydrogen technologies.

These technologies include ion exchange membranes for water electrolysis, electrochemical compression, water transmission and fuel cells.

Assets also under the Xergy One banner included Proteus, a work management automation platform used to manage projects and recruitment in the energy sector.

FFI chief executive Julie Shuttleworth said the investments would advance the technologies needed for FFI’s green hydrogen projects.

“Together, our goal is to make zero emissions energy available at an industrial, global scale as we become the world’s leading, fully renewable energy and green products company.”

It follows a recent partnership between the Queensland government and Fortescue Future Industries to build a hydrogen manufacturing facility in Gladstone.

Xergy founder and FFI Ionix General Manager Bamdad Bahar said he was proud to join FFI Ionix.

“With an intellectual property estate of over 100 patents and applications, and a sales catalogue of various cutting-edge products, including a new range of leading-edge Anion Exchange Membranes, we share FFI’s passion for driving innovation,” Mr Bahar said.

Xergy is understood to have under 20 employees and is based in the US.