FSUMF - E.ON Fortescue to explore shipping green hydrogen to Europe

German energy producer E.ON (OTCPK:EONGY) and Australia's Fortescue Future Industries (OTCQX:FSUMF) say they signed a memorandum of understanding to jointly supply and distribute hydrogen from renewable sources in Europe, as the continent seeks to reduce its dependency on Russian energy. E.ON and Fortescue say they will work in collaboration with the German and Australian governments to supply as much as 5M metric tons/year of green hydrogen to the continent by 2030, which roughly corresponds to one-third of the heating energy Germany imports from Russia each year. The companies will analyze possible solutions to "solve infrastructure issues and to build a secure value chain." "The agreement between E.ON and FFI is a major step forward and puts them in a pole position for the delivery of green hydrogen to German industry," German Economy Minister Robert Habeck said.

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E.ON, Fortescue to explore shipping green hydrogen to Europe