Fortescue (ASX:FMG) has terminated its green hydrogen investment partnership with US-based Plug Power due to escalating challenges in the sector, according to a Thursday report by the Australian.
The move follows mounting production costs, infrastructure bottlenecks, and weak demand for green hydrogen, with Fortescue reassessing its project timelines, per the report.
The deal, which included joint ventures in Texas and Arizona, was initially signed in 2022 but has now been dissolved as part of Fortescue's broader restructuring, the report added.
Fortescue did not immediately respond to a request for comment by MT Newswires.
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